The Aussie Aussie Acquisition Corporation, an Australian-led Special Purpose Acquisition Company (SPAC), has filed with US regulators, seeking to raise US$100 million from prospective investors. Special Purpose Acquisition Companies (SPACs) are investment vehicles that raise capital from investors, formed with the sole purpose of merging with a private company, enabling it to go public without the traditional initial public offering process. These vehicles gained considerable traction during the pandemic years as an alternative path to public markets, although many have recorded limited success.
Fronting the Aussie Aussie Acquisition Corporation is Sydney-based cosmetic product importer Alexander Tsui. The SPAC’s board notably includes former New South Wales Premier Nathan Rees and ex-President of the Melbourne Football Club, Paul Gardner. Rees, who served as the state’s leader, has since undertaken various advisory roles. Gardner, who chaired the Demons during the 2000s, is currently chairman and co-owner of salesandmedia.com. Peter Mead, formerly chief financial officer of Lloyds Energy, also joins the board.
The entity plans to offer 10 million shares at US$10 each. Additionally, 2.5 million shares will be issued to Waru Capital Holdings, a Caribbean-based entity owned by Mr Tsui, as its ‘sponsor’ for a discounted price. The SPAC, domiciled in the Cayman Islands with a US listing, lists its registered office as a residential property in Turramurra, Sydney. Directors, including Mr Rees, Mr Gardner, and Mr Mead, are slated to receive US$5,000 per month, capped at US$75,000 each. The corporation has a 15-month window to identify and execute a merger deal; no specific target industries have been disclosed.
