China's blank check company Fellazo files for U.S. IPO

Source: Xinhua| 2019-05-23 01:21:12|Editor: Shi Yinglun
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NEW YORK, May 22 (Xinhua) -- Fellazo, a Chinese blank check company targeting the health food and supplement sector, filed its initial public offering (IPO) with the U.S. Securities and Exchange Commission on Tuesday, according to Nasdaq official website Wednesday.

The blank check company (or SPAC, special purpose acquisition company) plans to raise up to 50 million U.S. dollars in its IPO by offering 5 million units at a price of 10 dollars apiece. At such a price, Fellazo would command a market value of 65 million dollars.

Each unit consists of one share of common stock and one warrant to purchase a share of common stock at 11.50 dollars per share, according to the company's latest prospectus.

Founded in 2018, the Zhejiang-based company plans to list on Nasdaq under the symbol FLLCU. Maxim Group LLC is the sole bookrunner on the deal.

Fellazo defined itself as "a newly incorporated blank check company" incorporated for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses, said its prospectus.

It intends to focus on acquiring operating companies in the health food and supplement sector and identifying prospective target businesses mainly in Asia.

The company believes it will add value to such businesses primarily by providing them with access to the U.S. capital markets.