We had yet another new SPAC filing on Wednesday evening, with the addition of Orisun Acquisition Corp. (ORSNU), a $40 million SPAC IPO focused on what the team is calling the “High Tech” sector. Is that a sector? Seems kind of vague. Although, if you read the proposed business section, they drill down and get more specific saying they believe, “…there are significant opportunities in the Technology, Media and Telecommunications Industries globally…”.
Nonethless, Orisun will be led by Wei Chen, as CEO, Chairman and President, and Lu Zhou, as CFO and Director. Ms. Chen has been an independent investor through her family office, Everpower International Holdings Co., Ltd. since January, 2009.
Looking at this SPAC’s structure, it follows the typical “small SPAC” deal terms. That is, 100% in trust, 12 months to find an acquisition, plus three 3-month extensions for $0.10 to trust for each. Additionally, there is a warrant for 1/2 share and a right (1 for 10) included in the unit. However, while this is an “All-China” team (both management and board), the SPAC intends to focus on companies in the United States, which is a little unusual.
However, there are a few concerns with this prospectus. For one, the proposed business section feels meager, at best. Plus, they state that they intend to focus on companies in the High-Tech industry in the U.S., but then point out that there are TMT opportunities globally. It all feels a little sloppy. Furthermore, the management team doesn’t have a ton of experience. In fact, if you go to Ms. Chen’s family office’s website (Everpower International), there’s not a lot of meat there. For instance, if you look at their Entertainment section under their Projects tab, it lists a bunch of famous places in Hollywood, like the Hollywood sign and the Walk of Fame, but there’s no indication that Everpower is involved. Maybe their just pointing out cool things? Hard to tell.
The thing is though, this SPAC will once again, probably get done simply because the terms are fairly attractive, but are they really attractive enough? It has a 1/2 warrant, right, and three 3-month extensions for $0.10 a share. However, keep in mind that that those extensions are not combined with a shareholder vote. They are automatic extensions as long as the sponsor contributes the $0.10 at the time of extension. Which means, this is really a 21 month duration SPAC with the POTENTIAL for $10.30 in trust + interest. Just to be clear, shareholders will not have a chance to redeem for potentially 21 months if the SPAC takes all three extensions. This SPAC might be one of the rare cases where this structure STILL needs to be sweetened in order to get investors involved. Perhaps a full warrant or 101% in trust.
Summary of terms below:


Exciting new things are coming for SPACInsider subscribers, and some have already arrived! This summer, SPACInsider is unveiling the SPACInsider Alerts App on iOS with an Android launch soon to follow. The app allows subscribers to stay ahead of the SPAC market with real-time, customizable filing alerts with instant notifications landing the moment that a...
At the SPAC of Dawn Futures are largely green with the CPI reading coming up, and several SPACs and de-SPACs have cause to feel bullish regardless of what the reading states. Pharma and beauty company Longevity Health (NASDAQ:XAGE) announced it will acquire plasma collection firm True Health ahead of market open in news that has...
Silver Pegasus Acquisition Corp. (NASDAQ:SPEGU) announced the pricing of its $100 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “SPEGU”, Tuesday, July 15, 2025. The new SPAC plans to search within the technology sector, with a focus on semiconductors and systems solutions. Silver Pegasus Acquisition Corp.’s management...
Cayson Acquisition Corp. (NASDAQ:CAPN) has entered into a definitive agreement to combine with boutique investment firm Mango Financial for $300 million in equity consideration. Hong Kong-based Mango provides a range of M&A and equity capital markets advisory services to clients considering listings in China and the US. The combined company is expected to trade on...
Trailblazer (NASDAQ:BLZRU) has filed for a $200 million SPAC to bring a first-time team to market with serial sponsor terms. The new SPAC is offering investors a 1/3 warrant in each unit and it is the first SPAC filed so far this month with 24 months on its initial transaction clock. All other July SPACs...