Aura FAT Projects Acquisition Corp Successfully closes US$115m SPAC initial public offering on the Nasdaq as it ramps up investments in Asia

SINGAPORE – Media OutReach – 19 April 2022 – Aura FAT Projects Acquisition Corp (NASDAQ: AFAR),a Special Purpose Acquisition Company (SPAC) focused on funding emerging technology start-ups with an acute growth potential in Southeast Asia and Australasia, are pleased to announce the successful close of its initial public offering (“IPO“) of US$100,000,000, consisting of 10,000,000 units priced at US$10.00 per share on the Nasdaq Global Market (“Nasdaq“). An over allotment option on a further 1,500,000 units for a further US$15,000,000 has been fully exercised. The units have been available for trading under the ticker symbol, “AFARU” since Wednesday 13 April 2022. 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. 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.

AFAR is a 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. The Company has an avid interest in new emerging technology companies with an acute growth potential in Southeast Asia and Australasia in sectors such as the Web3, blockchain, cryptocurrency, digital ledger, e-gaming and other new financial technology and services industries.

With operations in Singapore, Sydney, Melbourne, Manila and Ho Chi Minh City, AFAR is moving fast in its mission to illuminate the growing innovation in neighbouring countries beyond China. It intends to bridge the start-up funding gap by leveraging on the financial expertise of its co-sponsors, Aura Group and Fat Projects, and a robust ecosystem of quality companies that are ideal for a business combination. Coupled with leadership teams that have extensive experience founding and exiting businesses in Southeast Asia and Australia, AFAR is well-positioned to identify the next generation of technology disruptors and propel their success.

EF Hutton, division of Benchmark Investments, LLC, is acting as the sole book running manager for the IPO. The Company has granted the underwriters a 45-day option to purchase up to an additional 1,500,000 units at the initial public offering price to cover over-allotments. This offering closed earlier than expected on Monday 18 April 2022, as all the over-allotments have been fully exercised.

Not only will capital from the SPAC listing facilitate strategic mergers and acquisitions with new emerging technology companies, AFAR also intends to target companies that boast a strong executive team with the experience, network and ‘know how’ to accelerate their growth.

Commenting on the offering, Mr David Andrada, Co-Founder of Fat Projects said, “We are extremely excited to be collaborating with Aura Group to launch our second Nasdaq SPAC listing. Collectively, the 2 co-sponsor teams have over 200 years of experience investing in innovative technologies and also boasts a strong track record in identifying quality and reputable companies. We are confident that through our networks, we will be able to identify the right company that aligns with our values for a SPAC business combination.”

Commenting on the IPO, Mr Calvin Ng, Co-Founder of Aura Group commented, “Southeast Asian economies are among some of the fastest growing in the world, with several at the forefront of the digital revolution. This is predominantly why AFAR is honing in its search for a target acquisition in this region. Our SPAC listing allows us to be well positioned to help high potential technology companies who are in need for liquidity and funding to grow.”

About Aura FAT Projects Acquisition Corp

Aura FAT Projects Acquisition Corp, registered in Cayman Islands, is a US$115m SPAC listed on the NASDAQ Global Market. 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.

Aura FAT Projects Acquisition Corp brings together co-sponsors Aura Group, a financial services firm providing tailored wealth, funds management and corporate advisory solutions to clients, and Fat Projects, a dynamic team of entrepreneurs and investors with SPAC expertise. Both co-sponsors have significant technology investments, operational, mergers and acquisitions and public company experience, and a compelling track record of value creation.

Aura Group’s and Fat Projects’ vision is to be the regional leader in the SPAC asset class and serialise SPAC ventures by providing growth capital and network access to some of the most promising technology-enabled companies in Asia Pacific, specifically the Southeast Asia and Australasia corridors.

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This press release and any accompanying materials (if any) (“Press Release“) does not constitute or form part of an offer, invitation or solicitation to acquire, purchase or subscribe for securities in Singapore or any other jurisdiction nor should it or any part of it form the basis of, or be relied upon in any connection with, any contract, commitment or investment decision whatsoever. This Press Release is for information purposes only, without regard to the objectives, financial situation or needs of any specific persons. Accordingly, no reliance whatsoever should be placed upon the information set out herein.

The information contained in this Press Release should not be relied on as any representation or warranty by Aura FAT Projects Acquisition Corp. This Press Release may contain forward-looking statements that involve assumptions, risks and uncertainties. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of a number of risks, uncertainties and assumptions. Prospective investors are cautioned not to place undue reliance on these forward-looking statements, which reflect the Company’s current views concerning future events. Certain of the information presented in this news release is historical information. The Group’s past performance is not indicative of its future performance.


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