IPOs

Internet and tech SPAC Apollo Acquisition files for a $40 million IPO

Apollo Acquisition, a blank check company targeting the internet and technology sectors, filed on Tuesday with the SEC to raise up to $40 million.

The Beijing, China-based company plans to raise $40 million by offering 4 million units at $10. Each unit consists of one share of common stock, one right to receive one-tenth of a share upon the completion of an initial business combination, and one-half of a warrant, exercisable at $11.50. At the proposed deal size, Apollo Acquisition would command a market value of $53 million.

The company is led by CEO and Chairman Brian Lin, the Chairman of Beijing Huitu Technology and the former CEO of Lianluo Smart (Nasdaq: LLIT). The company plans to target the internet and technology sectors, including blockchain infrastructure and software services.

Apollo Acquisition was founded in 2021 and plans to list on the Nasdaq under the symbol APOAU. Tiger Brokers and EF Hutton are the joint bookrunners on the deal.

The article Internet and tech SPAC Apollo Acquisition files for a $40 million IPO originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.

Investment Disclosure: The information and opinions expressed herein were prepared by Renaissance Capital's research analysts and do not constitute an offer to buy or sell any security. Renaissance Capital's Renaissance IPO ETF (symbol: IPO), Renaissance International ETF (symbol: IPOS), or separately managed institutional accounts may have investments in securities of companies mentioned.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Renaissance Capital

Renaissance Capital is the global leader in providing pre-IPO institutional research and management of IPO-focused investment products.

Learn More