Tech SPAC Frontier Investment in an amended S-1 said it will offer 20 million units at $10 each, down from the 25 million units registered earlier this month.
A unit consists of one Class A ordinary share and one-third of one redeemable warrant, with whole warrants exercisable for a share at $11.50.
The new SPAC said it will focus on the technology, digital media, e-commerce, financial technology, or digital services sectors.
Sponsor Frontier Disruption Capital has agreed to purchase up to 7.875 million warrants at $1 per warrant in a private placement to occur concurrently with the closing of the offering.
JP Morgan is sole book-running manager for the offering. The underwriters have a 45-day option to purchase up to 3.75 million additional units to cover any over-allotments.
Frontier Investment is led by CEO Asar Mashkoor, who from 2014 to March 2021 was head of corporate finance at Emirates NBD Capital in the UAE.
The SPAC intends to apply for a Nasdaq listing under FICVU. Read more.
