Avalon Acquisition in an amended S-1 filing today said it now plans to offer 15 million units at $1-0 each, down from the 20 million units registered in March.
A unit consists of one share and three-fourths of one redeemable warrant; whole warrants exercisable at $11.50.
The SPAC remains focused on fintech companies.
Avalon is led by Executive Chairman Donald Putnam, who founded Grail Partners, a private investment and M&A advisory firm focused on financial services. Prior to Grail, he founded Putnam Lovell Securities, an investment banking firm, in 1987, and led the firm as CEO and Chairman.
Maxim is sole book-running manager of the offering. The underwriter has an option to purchase up to 2.25 million units to cover any over-allotments.
The SPAC has applied to list on the Nasdaq under AVACU. Read more.