SPAC Future Money Acquisition prices $100 million IPO, targeting AI and Web3
IPO Overview
Future Money Acquisition, a blank check company targeting AI, Web3, and intelligent manufacturing, raised $100 million by offering 10 million units at $10. Each unit consists of one share of common stock and one right to receive one-fifth of one ordinary share upon the consummation of an initial business combination.
Future Money Acquisition is led by CEO and Chairman Siyu Li, the founder of Asia-based investment company FutureMoney Group, and a Senior Advisor of BTC Digital （Nasdaq: BTCT）。 He is joined by CFO and Director Steven Markscheid, the Managing Partner and sole member of Aerion Capital, and a director of several public SPACs.
The company’s Chairman and CEO is a citizen and resident of Canada, while the CFO is a US citizen; its board has three independent directors who are citizens of the US, Canada, and China.
The SPAC plans to target businesses in the AI, Web3, and intelligent manufacturing industries that are proven industry leaders, have multiple avenues for long-term growth, and have potential for add-on acquisitions, among other characteristics. The company does not intend to combine with a target primarily based in mainland China.
The San Francisco, CA-based company plans to list on the Nasdaq under the symbol FMACU. D. Boral Capital acted as sole bookrunner on the deal.
About the Company
Future Money Acquisition Corporation is a blank check company incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization, or other similar business combination with one or more businesses, which we refer to throughout this prospectus as our “initial business combination”. While we may pursue a business combination target in any business, industry or geographical location, we intend to focus our search for businesses in the artificial intelligence （“AI”）， Web3 （referring to decentralized technologies and applications built on blockchain） or intelligent manufacturing industry. Consistent with our business strategy, we have identified the following general criteria and guidelines that we believe are important in evaluating prospective targets for our initial business combination with one or more target companies. We will leverage these criteria and guidelines in evaluating acquisition opportunities, but we may decide to enter into our initial business combination with a target or targets that do not meet these criteria and guidelines. We intend to acquire one or more target businesses with the following characteristics: Proven industry leader; Defensible and established business models; Multiple avenues for long-term growth; Sustainable financial profile; among other characteristics.
