Zhitong Finance App learned that the special purpose acquisition company (SPAC) YHN Acquisition I submitted an initial public offering (IPO) application to the US Securities and Exchange Commission (SEC) on Friday to raise up to 60 million US dollars. The company plans to list on NASDAQ under the code “YHNAU.”

The Hong Kong-based company plans to issue 6 million units at a price of $10 per unit. Each unit includes one common share and a right to one-tenth of the shares after the completion of the business merger. According to the proposed deal size, the company's market capitalization would reach $78 million. The company has yet to determine target industries or regions, but plans to target businesses with characteristics such as strong management teams and recurring revenue potential.