Fintech-focused SPAC AIB Acquisition files for a $75 million IPO
October 29, 2021
AIB Acquisition, a blank check company formed by the founder of American International Bank targeting fintech, 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 $10 per unit. Each unit contains one share of common stock and one right to receive 1/10 of a share in connection with an initial business combination. At the proposed deal size, the company will command a market value of $98 million. AIB Acquisition is led by CEO, CFO, and Chairman Eric Chen, co-founder and CEO of American International Bank. The company aims to leverage management's expertise to target fintech companies that do not have substantial operations in China or Hong Kong. The New York, NY-based company was founded in 2021 and plans to list on the Nasdaq under the symbol AIB.U. AIB Acquisition filed confidentially on September 17, 2021. Maxim Group LLC is the sole bookrunner on the deal.