IPOs

Mallard Capital's SPAC Mallard Acquisition prices $110 million IPO at $10

Mallard Acquisition, a blank check company formed by Mallard Capital targeting an industrials business, raised $110 million by offering 11 million units at $10. The units began trading on Tuesday, and closed at $9.91 (-0.9%).

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The company originally filed to offer 10 million units, before increasing the deal size by 10% last week when it disclosed that unspecified anchor investors had indicated on buying up to 1.1 million units. Each unit consists of one share of common stock and a redeemable warrant to purchase one-half of a share, exercisable at $11.50. The SPAC's trust is initially expected to be funded at $10.10 per unit.

The company is led by CEO Jeffrey Leck and CFO John Kirtley, who co-founded private equity firm KLH Capital in 2005 and Mallard Capital in June 2019. The company plans on targeting businesses in the value-added distribution, industrial specialty services, and differentiated manufacturing sectors with enterprise values between $300 million and $500 million.

Mallard Acquisition listed on the Nasdaq under the symbol MACUU. Chardan Capital Markets acted as sole bookrunner on the deal.

The article Mallard Capital's SPAC Mallard Acquisition prices $110 million IPO at $10 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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