SPAC Heroic Empire Acquisition files for a $75 million IPO, targeting biotechnology or TMT

By Renaissance Capital,

Heroic Empire Acquisition, a blank check company targeting the biotechnology or TMT industries, filed on Friday with the SEC to raise up to $75 million in an initial public offering.

The company plans to raise $75 million by offering 7.5 million units at a price of $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. At the proposed deal size, Heroic Empire Acquisition would command a market value of $98 million.

Heroic Empire Acquisition is led by Chairman and CEO William Ip, a former Executive Director in the M&A Department of Nikko Securities (Hong Kong), and CFO Satoshi Tominaga, a Managing Partner of DeTiger Equity Fund. The company seeks to leverage management’s experience and target opportunities in the biotechnology or TMT industries in Asia or North America evaluated based on sustainability and ESG imperatives, among other things.

The Hong Kong-based company was founded in 2021 and plans to list on the Nasdaq but has not selected a ticker yet (RC ticker:HEAU.RC). EF Hutton and Brookline Capital Markets are the joint bookrunners on the deal.

Source :$75-million-IPO-targeting-biotec

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