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Ken Moelis-backed blank-check company seeks $500 million in U.S. IPO
A blank-check company led by investment banker Ken Moelis is aiming to raise $500 million in a U.S. initial public offering, the firm said on Friday. The company, Atlas Crest Investment Corp, is looking to offer 50 million units at $10 apiece, according to a filing here. Moelis, the chairman of Atlas Crest, founded investment firm Moelis & Co MC.N in 2007, since when it has advised on about $3.5 trillion of M&A transactions. He has also served as president of UBS Investment Bank. A special purpose acquisition company, or SPAC, is a shell vehicle that raises money in an IPO to buy and then merge with another company, typically within two years. High-profile investors such as Bill Ackman and Michael Klein have raised billions through their SPACs this year. Cantor is the sole book-running manager for Atlas Crest’s offering.
https://www.reuters.com/article/atlast-crest-investment-ipo/ken-moelis-backed-blank-check-company-seeks-500-mln-in-u-s-ipo-idUSL4N2GT2SV
Former Uber executive-led blank-check company seeks $250 million in IPO
A blank check-company helmed by former Uber Technologies Inc's UBER.N executive Emil Michael is looking to raise $250 million in an initial public offering, the company said on Friday. DPCM Capital Inc aims to sell 25 million units at a price of $10 each and has applied to list its units on the New York Stock Exchange under the symbol "XPOA.U", it said in a filing here. Michael, who served as the chief business officer of the ride-hailing provider for over three years until 2017, had spearheaded the firm’s expansion in China and Russia. The blank-check company also counts former Alphabet Inc's GOOGL.O Chief Executive Officer Eric Schmidt among its special advisors.A special purpose acquisition company, or SPAC, is a shell vehicle that raises money in an IPO to buy and then merge with an unknown company. DPCM has become the latest SPAC to file for an IPO, joining the likes of high-profile investors such as Bill Ackman and Michael Klein, who have raised billions through their SPACs this year. On Thursday, a SPAC led by billionaire Charles Ergen, said it was aiming to raise around $1 billion in an IPO. UBS Investment Bank is the underwriter to DPCM’s offering.
https://www.reuters.com/article/dpcm-capital-ipo/former-uber-executive-led-blank-check-company-seeks-250-mln-in-ipo-idUSL4N2GT2R0
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