Blank-check company New Iceland Arctic Acquisition filed for a $125 million initial public offering with the U.S. Securities and Exchange Commission.

The company said it intends to focus its search on high-growth operating companies in Iceland and the broader Arctic region. Its management team developed and manages the first and only U.S.-listed single-country exchange-traded fund focused on Iceland, the GlacierShares Nasdaq Iceland ETF, the company added.

The company said Iceland possesses a unique convergence of structural advantages, including nearly 100% renewable energy generation from geothermal and hydroelectric sources, the highest GDP per capita among the Nordic countries, and a position between North America and Europe and near emerging Arctic trade corridors.

The SPAC also said it pairs deep knowledge of the Icelandic corporate landscape with international capital markets experience, and experience working with Icelandic companies and public institutions.

New Iceland Arctic Acquisition plans to apply to list its units on the Nasdaq Capital Market under the symbol NIAAU.