Macondray Capital Acquisition I in an amended S-1 filing lowered its planned offering to 25 million units, each consisting of one Class A ordinary share and one-third of one redeemable warrant. Whoe warrants will be exercisable at $11.50. The SPAC initially registered last month to offer 27 million units.
Macondray in the filing said it will target companies with an aggregate enterprise value of at least $1.5 billion in the software, data and technology, media and telecom (“TMT”) industries.
The new SPAC is led by Co-CEO and Chairman R. Grady Burnett, who was a co-founder of Bow Capital Partners, a $275 million venture capital fund founded in 2016. Co-CEO and CFO W. Lance Conn, has been a director at dozens of companies. Since 2009, Conn has served as a director on the board of Charter Communications.
The SPAC intends to apply for a listing on the Nasdaq under DRAYU. Read more.
