Suma acquisition prices 15M units at $10 each

SUMA Acquisition Corp., a special purpose acquisition company (SPAC) targeting technology businesses in North America, has priced its initial public offering (IPO) at $10 per unit, raising a total of $150 million. The offering consists of 15 million units, with each unit comprising one share of common stock and a right to receive one-tenth of a Class A ordinary share upon completion of an initial business combination. The company plans to list on the Nasdaq under the ticker symbol SUMAU.

Based in Toronto, Canada, and incorporated in the Cayman Islands, SUMA Acquisition is led by CEO Naseem Saloojee and CFO David King. Saloojee brings experience in scaling technology-enabled businesses, including his role as co-founder of Carbon6 Technologies, an e-commerce platform acquired in January 2025. King, with over 25 years of public markets expertise, previously served as a managing director at Roth Capital Partners and founded Palermo Capital Management.

While the SPAC may pursue targets across industries and geographies, it has stated a strategic focus on North American technology companies, encompassing both emerging and established sectors. Seaport Global acted as the sole bookrunner for the transaction. Investors should note that SPACs typically merge with private companies within 18–24 months of their IPO, with performance dependent on the eventual target’s financial and operational outcomes.