Aura FAT Projects Acquisition Corp. Announces Closing of Initial Public Offering and Exercise of Full Over-Allotment Option

Rhea-AI Summary

Aura FAT Projects Acquisition Corp. completed its initial public offering (IPO) on April 13, 2022, raising $115 million by issuing 10 million units at $10 each, with an over-allotment of 1.5 million units. Each unit comprises one Class A ordinary share and one redeemable warrant priced at $11.50. The securities are listed on Nasdaq under the ticker symbols AFARU, AFAR, and AFARW. The company seeks to focus on emerging technology sectors in Southeast Asia and Australasia, particularly Web 3.0, blockchain, and digital financial services.

Positive

• Raised $115 million through IPO, providing substantial capital for future business combinations.
• Focus on high-growth sectors such as Web 3.0 and blockchain in emerging markets.
• Strong backing by EF Hutton, enhancing credibility in the market.

Negative

• None.

Singapore, April 18, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire -- Aura FAT Projects Acquisition Corp. (the “Company”) announced today the closing of its initial public offering of 10,000,000 units at $10.00 per unit (the “Offering”). Each unit consists of one Class A ordinary share and one redeemable warrant entitling the holder thereof to purchase one Class A ordinary share at a price of $11.50 per share. The underwriters exercised their over-allotment option in full for an additional 1,500,000 units on April 13, 2022, which closed at the time of the closing of the Offering. As a result, the aggregate gross proceeds of the Offering, including the over-allotment, are $115,000,000, prior to deducting underwriting discounts, commissions, and other Offering expenses.

The units have been listed on the Nasdaq Global Market (“Nasdaq”) and began trading on April 13, 2022, under the ticker symbol “AFARU”. Once the securities comprising the units begin separate trading, the Class A ordinary shares and warrants are expected to be listed on Nasdaq under the symbols “AFAR” and “AFARW”, respectively.

The Company is a newly organized blank check company incorporated as a Cayman Islands exempted company for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. While it will not be limited to a particular industry or geographic region, the Company intends to focus its search on new emerging technology companies with an acute growth potential in Southeast Asia and Australasia in sectors such as the Web 3.0, blockchain, cryptocurrency, digital ledger, e-gaming and other new financial technology and services sectors.

EF Hutton, division of Benchmark Investments, LLC (“EF Hutton”) served as sole book-running manager for the Offering. 

Nelson Mullins Riley & Scarborough LLP served as legal counsel to the Company. The Loev Law Firm, PC served as legal counsel to EF Hutton.

The units described above were offered by the Company pursuant to a registration statement on Form S-1 (File No. 333-263717) that was originally filed with the Securities and Exchange Commission (“SEC”) on March 18, 2022 and declared effective by the SEC on April 12, 2022. The Offering was made only by means of a prospectus, copies of which may be obtained, from: EF Hutton, division of Benchmark Investments LLC, 590 Madison Ave., 39^thFloor, New York, NY 10022, Attention: Syndicate Department, or via email at syndicate@efhuttongroup.com or telephone at (212) 404-7002.

This press release shall not constitute an offer to sell or asolicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

FORWARD-LOOKING STATEMENTS

This press release contains statements that constitute “forward-looking statements,” including with respect to the Company’s initial public offering, the search for an initial business combination, and the anticipated use of the net proceeds of the offering. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company's registration statement and final prospectus for the offering filed with the SEC. Copies are available on the SEC's website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

CONTACT
Aura FAT Projects Acquisition Corp.
1 Phillip Street, #09-00
Royal One Phillip
Singapore, 048692 
Attn: David Andrada
Email: office@fatprojects.com

FAQ

What was the IPO date for Aura FAT Projects Acquisition Corp?

The IPO for Aura FAT Projects Acquisition Corp occurred on April 13, 2022.

What is the total capital raised by Aura FAT Projects Acquisition Corp in its IPO?

Aura FAT Projects Acquisition Corp raised a total of $115 million in its IPO.

What are the ticker symbols for Aura FAT Projects Acquisition Corp's shares and warrants?

The shares are listed under the ticker symbol AFAR, and the warrants under AFARW on Nasdaq.

What sectors is Aura FAT Projects Acquisition Corp focusing on for future business combinations?

The company intends to focus on emerging technology sectors such as Web 3.0, blockchain, and digital financial services.