Next-gen mobility SPAC Atlantic Coastal Acquisition files for a $300 million IPO
Atlantic Coastal Acquisition, a blank check company targeting the next-generation mobility sector, filed on Thursday with the SEC to raise up to $300 million in an initial public offering.
The New York, NY-based company plans to raise $300 million by offering 30 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, Atlantic Coastal Acquisition would command a market value of $375 million.
The company is led by CEO and Chairman Shahraab Ahmad, the founder and former CIO of Decca Capital, and President and Director Burt Jordan, who previously worked at Ford for over two decades, most recently serving as VP of Global Purchasing Operations and Supply Chain Sustainability. The company plans to target the next-generation mobility sector, focusing on businesses with large markets, high growth, and ESG values, among other characteristics.
Atlantic Coastal Acquisition was founded in 2020 and plans to list on the Nasdaq under the symbol ACAHU. The company filed confidentially on January 8, 2021. BTIG is the sole bookrunner on the deal.
The article Next-gen mobility SPAC Atlantic Coastal Acquisition files for a $300 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.