Macondray Capital Acquisition I priced its IPO of 25 million units at $10 each. Units begin trading on the Nasdaq today under DRAYU.
Each unit consists of one Class A ordinary share and one-third of a redeemable warrant, with whole warrants exercisable at $11.50. Once the securities comprising the units begin separate trading, shares and warrants are expected to list under DRAY and DRAYW.
Macondray 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.
B. Riley Securities is sole book-running manager for the offering. The underwriters have a 45-day option to purchase up to an additional 3.75 million units at the IPO price to cover over-allotments, if any.
The offering is expected to close July 6. Read more.
