New SPAC bleuacacia in an amended S-1 said it will now offer 20 million units at $10 each, down a third from the 30 million units initially planned in June.
A unit now consists of one Class A ordinary share, one right and one-half of one redeemable warrant. Each right is good for one-sixteenth of a share; whole warrants will be exercisable at $11.50.
Credit Suisse and Citigroup are joint book-running managers for the offering. Rice Financial Products is co-manager. The underwriters have a 45-day option to purchase up to an additional 3 million units to cover over-allotments, if any.
The SPAC said it intends “to pursue acquisitions of global high-growth premium consumer-facing brands that have a powerful emotional engagement with millennial and Gen-Z consumers.”
Co-CEO Jide Zeitlin is the former chairman and CEO of Tapestry, the S&P 500 and Fortune 500 luxury global retailer that is the parent company for the Coach, Kate Spade, and Stuart Weitzman brands. Co-CEO Lew Frankfort is the former chairman and CEO of luxury retailer Coach, later renamed Tapestry.
The SPAC has applied to list on the NYSE under BLEU.U. Read more.
