Singapore’s Vickers Venture SPAC files to raise $100m in US trade debut

Vickers Vantage, a blank-check company of Singapore-based Vickers Venture Partners, is looking to raise roughly US$100 million through an initial public offering.

Vickers Venture’s Jeffrey Chi / Photo credit: Vickers Venture

A filing with the US Securities and Exchange Commission showed that Vickers Vantage is planning offer 10 million units at US$10 apiece to raise US$100 million. However, the US$100 million amount is a placeholder specified for calculating the registration fee, the company said.

Each unit consists of one share of common stock and one-half of a warrant, according to the document. A whole warrant entitles the holder to purchase one ordinary share at a price of US$11.50 per share, subject to adjustments.

The company also said that it granted Maxim Group, the representative of the underwriters, a 45-day overallotment option for up to an additional 1.5 million units.

Vickers Vantage is a Cayman Islands special purpose acquisition company (SPAC), an entity incorporated for the sole purpose of entering a merger, share exchange, acquisition, share purchase, or other similar agreements. It plans to list its units on the Nasdaq Capital Market under the ticker “VCKAU.”

“We intend to leverage the expertise and network of Vickers Venture Partners, a venture capital firm affiliated with our executive officers, to take advantage of its deal flow, strong networks, and technical expertise in assisting us in consummating an initial business combination,” the SPAC said in its filing.

Vickers Venture was founded by Finian Tan, who is the chairman. Jeffrey Chi is the founding partner and vice chairman (Asia) of Vickers Venture Partners leads the company, alongside Chris Ho, chief financial officer and director at Vickers Venture.

Correction January 7, 2021 7:00pm SGT: It was earlier stated that Jeffrey Chi founded Vicker Ventures, instead of Finian Tan, founder and chairman of Vicker Venture Partners.