Translational Development Acquisition, a blank check company backed by Stone Capital Partners, filed on Tuesday with the SEC to raise up to $150 million in an initial public offering. The SPAC previously filed in 2022, but the offering was declared abandoned before it became effective.
The New York, NY-based company plans to raise $150 million by offering 15 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. At the proposed deal size, Translational Development Acquisition would command a market value of $191 million.
Translational Development Acquisition is led by CEO and Chairman Michael Hoffman, the founder of Stone Capital Partners, a private financing firm focused on energy infrastructure in North America and globally. While it hasn't selected a target industry or geography yet, the SPAC plans to focus on industries that complement its management team's background.
Hoffman has previously been involved with several SPACs, serving as President of Northern Genesis Acquisition III (NGC.U) until it liquidated, Northern Genesis Acquisition II until it merged with Embark Technology (EMBK; -99%), and Northern Genesis Acquisition until it merged with Lion Electric (NYSE: LEV; -94%).
Translational Development Acquisition was founded in 2022 and plans to list on the Nasdaq under the symbol TDACU. BTIG is the sole bookrunner on the deal.
