Navigation Capital Acquisition VII Files for $150M IPO

Navigation Capital Acquisition VII, a blank-check company focused on the TMT sector, registered with the SEC to offer 15 million units at $10 each. A unit consists of one share of Class A common stock and one-third of one redeemable warrant; whole warrants exercisable at $11.50.

The SPAC is led by Chairman Darrell Mays, a managing partner of Navigation Capital, and CEO Bertram Ellis, a serial entrepreneur and investor who since January 2000 has been the chairman and CEO of Ellis Capital.

Wells Fargo and Mizuho Securities are joint book-runners for the offering. Loop Capital Markets is co-manager. The underwriters have an option to purchase up to 2.25 million additional units to cover any over-allotments.

The blank-check company is sponsored by Navigation Capital, which also filed registrations for three other SPACs on June 28 — Navigation Capital Acquisition VI, VIII and IX. 

The SPAC has applied for a listing on the NYSE buyt has not yet selected a ticker symbol. Read more.

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