Andretti Acquisition II, the second blank check company affiliated with racing driver Michael Andretti, raised $200 million by offering 20 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50.
The Indianapolis, IN-based company is led by Executive Chairman William Sandbrook, who most recently served as the CEO and Chairman of US Concrete, and CEO William Brown, the former CFO of Rocky Mountain Industrials, Forterra, and US Concrete. The management team also includes Director Michael Andretti, a world-renowned racecar driver; he and his father and fellow racing legend Mario Andretti will serve as Special Advisors. Other directors include the CEO of McLaren Racing, the former CEO of Blockbuster, and the Chief Audit Executive for AT&T.
While it has not selected a target industry or geography, the SPAC plans to focus on businesses with a lasting competitive advantage, a sizable market share, and a seasoned management team, among other characteristics.
Management's previous SPAC, Andretti Acquisition, IPO'd in 2022 and completed its combination with industrial AI developer Zapata AI to form Zapata Computing Holdings (ZPTA) this past March.
Andretti Acquisition II plans to list on the Nasdaq under the symbol POLEU. BTIG acted as sole bookrunner on the deal.
