SPAC Freedom Acquisition I, led by the former CEO of Credit Suisse, files for a $250 million IPO
Freedom Acquisition I, a blank check company led by the former CEO of Credit Suisse targeting financial services, filed on Wednesday with the SEC to raise up to $250 million in an initial public offering.
The New York, NY-based company plans to raise $250 million by offering 25 million units at $10. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50. The PIMCO private fund, an affiliate of the sponsor, intends to purchase $25 million worth of units in the offering. At the proposed deal size, Freedom Acquisition I would command a market value of $313 million.
The company is led by Executive Chairman Tidjane Thiam, who previously served as the CEO of Credit Suisse Group from 2015 to 2020, and before that served as the CEO of Prudential. He is joined by CEO Adam Gishen, who most recently served as the Global Head of Investor Relations, Corporate Communications, and Marketing and Branding at Credit Suisse. Freedom Acquisition I plans to target the financial services sector, focusing on businesses that are technology-enabled and demonstrate growth and scalability potential.
Freedom Acquisition I was founded in 2020 and plans to list on the NYSE under the symbol FACT.U. The company filed confidentially on January 8, 2021. J.P. Morgan, Deutsche Bank, and Morgan Stanley are the joint bookrunners on the deal.
The article SPAC Freedom Acquisition I, led by the former CEO of Credit Suisse, files for a $250 million IPO originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.
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