Hong Kong-based blank-check company HHG Capital Corp. is aiming to raise $50.0 million from its IPO on the Nasdaq Stock Market of 5.0 million units priced at $10.00 apiece.

Each unit comprising the initial offering is made up of one ordinary share and one redeemable warrant. The offering comes with an overallotment option for an additional 750,000 units that would bring the company's proceeds to $57.5 million.

The firm's sponsor, HHG Capital Fund SP, committed to buy up to 230,000 units through a private placement simultaneous with the IPO. Each unit comprises one ordinary share and one private warrant that can be used to buy 75% of one ordinary share at $11.50 per full share.

HHG Capital expects $59.8 million in total proceeds from the IPO and the private placement. It intends to store the money in a trust account that will invest in U.S. government treasury bills, bonds or notes with up to 180-day maturity. The funds may also be used for acquisition of or investments in target businesses.

Kingswood Capital Markets and Brookline Capital Markets are the joint bookrunning managers of the IPO, according to a preliminary prospectus filed with the U.S. Securities and Exchange Commission on March 16.