McLaren Technology Acquisition, a new SPAC focused on the BFSI sectors, registed to offer 20 million units at $10 per unit.
A unit consists of one share and one-half of one redeemable warrant. Whole warrants are exercisable at $11.50 per share.
Within banking, financial services and insurance, the new SPAC will target companies leveraging AI, ML, digital, technology, and fintech.
McLaren Technology is led by Chairman and CEO Sajan Pillai, the general partner of Season Two Ventures and chairman of McLaren Strategic Ventures since September 2019. Prior to that, Pillai was chief executive of UST Global.
Mizuho is sole book-runner for the offering. The underwriters have an over-allotment option to purchase up to an additional 3 million units.
The SPAC has applied to list on the Nasdaq under MLAIU. Read more.