IPOs

Financials SPAC Cascade Acquisition files for a $200 million IPO

Cascade Acquisition, a blank check company targeting the financial services industry, filed on Wednesday with the SEC to raise up to $200 million in an initial public offering.

The Miami Beach, FL-based company  plans to raise $200 million by offering 20 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. At the proposed deal size, Cascade Acquisition would command a market value of $250 million.

The company is led by CEO and Chairman Jay Levine, who currently serves as Chairman of OneMain Financial (NYSE: OMF) and previously was its CEO from 2011 to 2018, and CFO and COO Daniel Hirsch, who was an advisor to Trinity Investments' SPAC acquisition of Broadmark Realty Capital (BRMK) and currently serves on its board. Cascade Acquisition plans to focus on the financial services industry, specifically within alternative lending, asset management, business process outsourcing, housing and commercial real estate finance, insurance and tech-enabled business opportunities.

Cascade Acquisition was founded in 2020 and plans to list on the NYSE under the symbol CAS.U. The SPAC filed confidentially on August 31, 2020. Credit Suisse and Morgan Stanley are the joint bookrunners on the deal. 

The article Financials SPAC Cascade Acquisition files for a $200 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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