Metaverse Acquisition, a blank check company targeting the metaverse arena in North America, Europe, and Asia, filed on Friday with the SEC to raise up to $150 million in an initial public offering.
The New York, NY-based company plans to raise $500 million by offering 15 million units at $10. Each unit consists of one share of common stock, one whole warrant exercisable at $11.50, and one right to receive one-tenth of a share upon completion of an initial business combination. At the proposed deal size, Metaverse Acquisition would command a market value of $201 million.
The company is led by Co-CEO and Director Aaron McDonald, the co-founder of technology ecosystem Centrality, and Co-CEO and Director Chris Ensey, Chief Technical Advisor for Gryphon Digital Mining and former CEO and COO of Riot Blockchain. They are joined by Chairman John Joyce, the former CFO of IBM and Managing Director of SilverLake Partners, and CFO Tracy Luo, the founder and CFO of Deep Medicine Acquisition (DMAQU) and founder and former CFO of Proficient Alpha Acquisition, which merged with Lion Group Holding (Nasdaq: LHGL; -89% from $10 offer price).
Metaverse Acquisition plans to target opportunities within the metaverse arena, focusing on businesses in North America, Europe, and Asia with enterprise values of at least $500 million.
The New York, NY-based company was founded in 2020 and plans to list on the Nasdaq, although it has not yet chosen a ticker (RC Ticker: METAU.RC). I-Bankers Securities is the sole bookrunner on the deal.