Tuatara Capital offered 2.5 million more units than initially expected to raise $175 million in an IPO priced at $10 per unit — a 17 percent upsize.
Units start trading today on the Nasdaq under TCACU. Each consists of one Class A ordinary share and one-half of one redeemable warrant. Each whole warrant entitles the holder to purchase a Class A ordinary share at $11.50. Once the securities comprising the units begin separate trading, shares and redeemable warrants are expected to list under TCAC and TCACW, respectively.
The SPAC said it will target businesses in the cannabis industry “that are compliant with all applicable laws and regulations within the jurisdictions in which they are located or operate and, in particular, we will not invest in, or consummate a business combination with, a target business that we determine has been operating, or whose business plan is to operate, in violation of U.S. federal laws.”
The SPAC is led by CEO and board member Albert Foreman, who co-founded Tuatara Capital in 2014. Read more.
