IPOs

Trimaran Capital founders' SPAC GX Acquisition II prices $300 million IPO

GX Acquisition II, the second blank check company led by the Managing Partners of Trimaran Capital Partners, raised $300 million by offering 30 million units at $10. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50. Certain qualified institutional buyers intend to purchase $18 million worth of units in the offering.

The company is led by Co-CEOs and Co-Chairmen Jay Bloom and Dean Kehler, who are co-founders and Managing Partners of private equity firm Trimaran Capital Partners. While the company has not selected a target industry yet, it plans to focus on businesses with favorable growth prospects and attractive returns on invested capital, specifically those with enterprise values in excess of $1 billion.

Management's previous SPAC, GX Acquisition (GXGX; +1% from $10 offer price), went public in May 2019 and has a pending merger agreement with allogeneic cell therapy biotech Celularity.

GX Acquisition II plans to list on the Nasdaq under the symbol GXIIU. Cantor Fitzgerald acted as a lead manager on the deal.

The article Trimaran Capital founders' SPAC GX Acquisition II prices $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.

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