Tristar Acquisition I in an amended S-1 filing said it now plans to offer 20 million units at $10 each in its upcoming IPO, down from the 25 million units initially registered in April.
Each unit consists of one share and one-half of one redeemable warrant, an increase from the initial registration which would have offered a third of a warrant per unit. Whole warrants would be exercisable at $11.50.
The new SPAC remains focused on telecommunications and technology-oriented companies.
Tristar I is led by Chairman and CEO William Mounger II, who has been chairman and CEO of Tristar Technologies, a telecom and technology search firm, since 2002.
Wells Fargo is sole book-running manager of the offering. Loop Capital is co-manager. The underwriters have an option to purchase up to 3 million additional units to cover any over-allotments.
The SPAC has applied to list on the NYSE under TRIS.U. Read more.
