Miluna Acquisition Corp., a newly formed special purpose acquisition company (SPAC), has priced its $60 million IPO, joining a cautious but continuing wave of blank-check firms pursuing opportunities in high-growth industries.

The SPAC, led by CEO Alex Yang and a management team with experience in venture capital and cross-border investments, is offering 6 million units at $10 each. Each unit consists of one share and one right to receive one-tenth of a share upon business combination completion. The shares begin trading on the Nasdaq under the ticker “MLACU.” EF Hutton is serving as sole bookrunner.

Miluna Acquisition’s stated focus is on acquiring a target company in technology, consumer products, or renewable energy, with a preference for firms that demonstrate strong scalability and international potential. The management’s strategy emphasizes value creation through digital transformation and global market access.

The SPAC market, which saw record highs in 2021 before cooling under regulatory scrutiny and investor fatigue, has shown tentative signs of recovery in 2025. Analysts note that smaller, well-structured vehicles like Miluna may find traction by targeting emerging-market innovators and mid-cap tech firms seeking alternative paths to listing.

Nonetheless, challenges persist. Investor skepticism toward post-merger performance remains high, and tighter SEC disclosure rules have made the due diligence process more demanding. Miluna’s success will depend heavily on its ability to identify a compelling acquisition target that can sustain long-term growth.

In a market still regaining confidence, Miluna’s IPO represents both a test of the SPAC model’s resilience and a potential opening for investors looking to re-engage with the next wave of growth-oriented public listings.