Supernova Partners Acquisition, a blank check company formed by the co-founder of Zillow and other entrepreneur and investment veterans, raised $350 million by offering 35 million units at $10. The company offered 5 million more units than anticipated. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50. The company may raise an additional $50 million at the closing of an acquisition pursuant to a forward purchase agreement with its Co-Chairmen.
The company is led by Co-Chairmen Spencer Rascoff and Alexander Klabin. Rascoff is a serial entrepreneur and co-founder of both Hotwire and Zillow. Klabin is co-founder of Senator Investment Group. CEO Robert Reid is a former Senior Managing Director in the Private Equity Group, and CFO Michael Clifton most recently served as a senior investment professional at The Carlyle Group. The SPAC intends to partner with an advantaged growth company that benefits from thematic shifts and tech-enabled trends.
Supernova Partners Acquisition plans to list on the NYSE under the symbol SPNV.U. J.P. Morgan and Jefferies acted as joint bookrunners on the deal.
The article Serial entrepreneurs' SPAC Supernova Partners Acquisition prices upsized $350 million IPO at $10 originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.
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