Frontier Investment priced its IPO of 20 million units at $10 each. A unit consists of one share of common stock and one-third of one redeemable warrant; whole warrants exercisable at $11.50 per share. Units beging trading on the Nasdaq today under FICVU.
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.
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 offering is expected to close July 6. Once the securities comprising the units begin separate trading, stock and warrants are expected to list under FICV and FICVW.
J.P. Morgan is sole book-running manager for the offering. The underwriters have a 45-day option to purchase up to 3 million additional units at the IPO price to cover over-allotments, if any. Read more.
