Consumer business SPAC Sandbridge Acquisition files for a $200 million IPO
Sandbridge Acquisition, a blank check company formed by Sandbridge Capital targeting a consumer business, filed on Monday with the SEC to raise up to $200 million in an initial public offering.
The Los Angeles, CA-based company plans to raise $200 million by offering 20 million units at a price of $10. Each unit consists of one share and one-half of a warrant, exercisable at $11.50. At the proposed deal size, Sandbridge Acquisition would command a market value of $250 million.
The company is led by CEO and Chairman Ken Suslow, the Founding Managing Partner of private equity firm Sandbridge Capital, and CFO Richard Henry, a Principal at Sandbridge Capital. Sandbridge Acquisition plans to target a consumer business that can benefit from accelerating digitization and omni-channel transformation.
The Los Angeles, CA-based company was founded in 2020 and plans to list on the NYSE under the symbol SBG.U. Sandbridge Acquisition filed confidentially on July 20, 2020. Citi and UBS Investment Bank are the joint bookrunners on the deal.
The article Consumer business SPAC Sandbridge Acquisition files for a $200 million IPO originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.
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