Ocean Drive Acquisition registered today with the SEC to raise $250 million through an offer of 25 million units at $10 each. A unit will consist of one share of Class A common stock and one-third of one redeemable warrant, whole warrants exercisable at $11.50.
The new SPAC said it will focus on companies that provide technological solutions and innovation targeting the real estate industry.
Ocean Drive Acquisition is led by Chairman Howard Lorber, president and CEO of Vector Group.
The SPAC intends to list on the Nasdaq under ODACU. Read more.
