Berenson Acquisition I regisgtered to offer 25 million units at $10 each. A unit consists of one share and one-half of one redeemable warrant.
The new SPAC intends to acquire a company in the software or technology-enabled services sectors with a total enterprise value in excess of $1 billion.
Berenson I is led by Chairman Jeffrey Berenson, who co-founded Berenson Minella & Company in 1990, the predecessor firm to Berenson. Prior to founding Berenson, he was head of Merrill Lynch’s M&A group and co-founder and co-head of its Merchant Banking Group.
BofA Securities and Wells Fargo are joint book-running managers of the offering. The underwriters’ over-allotment option is for up to 3.75 million units.
The SPAC intends to apply for a listing on the NYSE under BACA.U. Read more.