Blank-check acquisition company searches for a technology firm to merge with, since it made its stock exchange debut on Tuesday after increasing $200 million. The business, whose stock price closed up 1% at $10.10 on the newest York Stock Exchange, is focusing on technology that is fast-growing valued at around $1 billion, joining the competition among special purpose acquisition companies (SPACs) looking to take so-called unicorns public.
A SPAC is a shell business which raises money in an initial public offering (IPO) to pursue an acquisition at a romantic date that is later.
“It’s capital to simply help the company develop and expand, but additionally cross in the market that is public” Hartz stated in an meeting. “we are not searching today that is big-name. We’re seeking to buttress them as special founders and operators to help founders build really something enduring.”
Over 100 SPACs are currently deals that are chasing showed information from SPAC analysis.
Hartz believes his experience becoming an entrepreneur, as well as their administration team, including former ZeroDown Chief Operating Officer Troy Steckenrider III and Spike Lipkin, chief executive of Newfront, helps them interact with technology founders, among who he’s seen a minute that is reckoning staying private for too time that is much.
“We heard from therefore founders that are many they wish to get out to the markets that are public,” said Hartz.
SPACs accounted for 40% of IPOs in the half that is first of 12 months, PwC data showed. Merging with SPACs has seen popularity that is companies that are rising a way to boost money faster with increased certainty. Current tech companies that went public through SPACs include online vehicle seller Shift Technologies and firm that is fintech Payments.
Goldman Sachs Group Inc (N:GS) advised the one SPAC IPO and Goodwin Procter LLP served as legal consultant. Blank-check acquisition company searches for a technology firm to merge.
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