Telematics SPAC Motion Acquisition prices downsized $115 million IPO at $10

Motion Acquisition, a blank check company formed by the former CEO of Fleetmatics targeting the telematics industry, raised $115 million by offering 11.5 million units at $10. The company offered 1.5 million fewer units than anticipated. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50.

The company is led by Chairman Jim Travers, who previously served as the CEO of global software services company Fleetmatics and led its $2.4 billion sale to Verizon in 2016. CEO Michael Burdiek is the former CEO of CalAmp, a global provider of wireless communications solutions. The company plans to target the telematics industry, including businesses that provide transportation software technology solutions for fleet management, freight and logistics, and connected vehicle applications.

Motion Acquisition plans to list on the Nasdaq under the symbol MOTNU. Barclays acted as sole bookrunner on the deal.

The article Telematics SPAC Motion Acquisition prices downsized $115 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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