AIQ, a shell currently, will look for e-commerce acquisitions, having raised £4mln at 8p per share prior to its IPO.
Focus on data mining, AI and social, online media
SPACs are investment vehicles that are used to buy private companies in areas defined at the time the money is raised.
AIQ, in particular, will focus on data mining, artificial intelligence technologies and social and online media such as instant messaging platforms.
Europe will be the target for deals initially but then AIQ will look further afield.
Executive directors Soon Beng Gee and Lee Chong Liang have a background in online marketing and both work for a company called Plymouth Infotech Limited.
Won't rush into acquisitions
Graham Duncan, an accountant with 20 years City experience, is the independent non-executive chairman.
Duncan told Proactive that there is nothing in the pipeline at the moment and it won’t rush in to an acquisition.
“We have certain ideas on type of opportunities but are not in any negotiations.”
Under SPAC rules, AIQ has up to 24 months to find a suitable acquisition, otherwise the £4mln has to be returned.
AIQ added that it will also look for companies with strong management team, have revenues that offer the potential for near-term positive cash flows and/or can be funded adequately.