SOAR Technology Acquisition in an amended S-1 filing said it now plans to offer 20 million units, down from the 25 million units initially registered with the SEC in February for the IPO.
Each unit has an offering price of $10 and consists of one share and one-third of one redeemable warrant. Each whole warrant is exercisable at $11.50 per share.
J.P. Morgan, RBC Capital and BTIG are managers of the offering. The underwriters have an over-allotment option to purchase up to 3 million additional units.
The tech-focused SPAC in the filing said it intends “to partner with a scalable growth company that benefits from secular tailwinds, has a competitive market position, attractive unit economics, and a proven management team.”
SOAR is led by CEO and Chairman Jonathan Poulin, who has served as founder and managing partner of JPK Capital Management, his family office, since 2017. Previously, Poulin was vice president of Airbnb’s global luxury business from 2017 to 2019.
The SPAC expects to list on the NYSE under FLYA.U. Read more.