Aura FAT Projects Acquisition Corp. (AFARU), a special purpose acquisition company (SPAC), has closed its initial public offering (IPO) on Nasdaq and raised $115 million, focusing on crypto industry assets.
The Cayman Islands-incorporated SPAC raised an impressive $100 million during its April 13 IPO, with an over-allotment of $15 million, bringing its total to $115 million, according to an announcement from the firm on Tuesday.
It also has funding from sponsorships with Singapore-based financial services firms Aura Group and Fat projects. The SPAC’s website states that it has a presence in Australia, New Zealand, Singapore, Indonesia, Vietnam, Thailand, Malaysia and the Philippines.
Aura FAT will target acquisitions in the blockchain sector as it has a stated interest in emerging technology companies that deal with Web3, crypto, digital ledger and e-gaming assets.
On April 1, the Bitcoin (BTC) mining company PrimeBlock announced its merger with the 10x Capital Venture Acquisition Corp II SPAC. The merger is valued at $1.3 billion and will make PrimeBlock a publicly-traded company.
Late in March, the Thunder Bridge Capital Partners IV SPAC merged with the Japanese crypto exchange Coincheck to form the Coincheck Group NV. The merger is valued at $1.25 billion and is expected to be listed on Nasdaq in the second quarter of this year.