A special purpose acquisition company (SPAC) with Korean backers targeting life sciences and sustainability businesses is preparing to go public on the Nasdaq, raising expectations from related tech firms in Korea and other Asian countries seeking debut on the U.S. stock exchange.

According to investment banking sources on Monday, blank check company Valuence Merger Corp. I filed for an application with the U.S. Securities and Exchange Commission (SEC) on Jan. 19 to raise up to $200 million by offering 20 million units at a price of $10. Each unit consists of one ordinary share and one-half of a redeemable warrant.

Valuence Merger Corp. I is a newly incorporated SPAC based in Cayman Islands with a plan to make debut on the Nasdaq under stock ticker symbol of VMCA. It is different from other IPO aspirants on the U.S. bourse as it targets investment in Asian companies related to life sciences and sustainability, excluding China, Hong Kong and Macau.

Woo Sung-yoon, founder and CEO of Korea’s private equity firm Credian Partners Inc., is CEO and director of the SPAC. Other directors include Cho Joong-myung, founder, chairman and CEO of CrystalGenomics; Kim Young-min, former Commissioner of the Korea Intellectual Property Office; and Gary Wunderlich, a co-founder and managing partner of Live Oak Merchant Partners. Nobuyuki Idei, founder of Quantum Leaps who had over 45 years of experience working at Sony, will serve as an advisor.

By Cho Yoon-hee and Lee Ha-yeon

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