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.
Related: Self-regulatory organizations growing alongside new US crypto regulation
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.
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