IPOs

Distressed business SPAC Good Works Acquisition files for a $150 million IPO

Good Works Acquisition, a blank check company targeting a business experiencing financial distress or restructuring, filed on Tuesday with the SEC to raise up to $150 million in an initial public offering.

The Houston, TX-based company plans to raise $150 million by offering 15 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. Anchor investors intend to purchase $60 million worth of units in the offering. At the proposed price, Good Works Acquisition would command a market value of $190 million.

The company is led by CEO and Co-Chairman Fred Zeidman, Chairman of complex financial matter-focused investment bank Gordian Group and former Restructuring Officer of TransMeridian Exploration and Chief Bankruptcy Trustee of AremisSoft; Co-Chairman Douglas Wurth, former CEO of Alternative Investments for J.P. Morgan Asset Management; and President and Director Cary Grossman, co-founder and Managing Director of Shoreline Capital Advisors, an investment banking firm focused on financial advisory services and middle market corporate finance transactions. The company plans to target businesses that have experienced financial distress or have recently emerged from a financial restructuring.

The Houston, TX-based company was founded in 2020 and plans to list on the Nasdaq under the symbol GWACU. I-Bankers Securities is the sole bookrunner on the deal.

The article Distressed business SPAC Good Works Acquisition files for a $150 million IPO originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.

Investment Disclosure: The information and opinions expressed herein were prepared by Renaissance Capital's research analysts and do not constitute an offer to buy or sell any security. Renaissance Capital's Renaissance IPO ETF (symbol: IPO), Renaissance International ETF (symbol: IPOS), or separately managed institutional accounts may have investments in securities of companies mentioned.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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