Stellar V Capital, a blank check company formed by Greek shipping executives targeting established businesses, filed on Wednesday with the SEC to raise up to $150 million in an initial public offering.
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, Stellar V Capital would command a market value of $208 million.
Stellar V Capital is led by Co-CEO and Chairman Prokopios Tsirigakis and Co-CEO, CFO, and Director George Syllantavos, who currently serves as co-CEOs of Nautilus Energy Management, a maritime energy services company. The SPAC is targeting established businesses of scale poised for continued growth, led by highly regarded managements team.
Management's previous SPACs include Growth Capital Acquisition, which completed its combination with lidar maker Cepton (CPTN; -97% from $10 offer price) in 2022, and Stellar Acquisition III, which completed its combination with software firm Phunware (Nasdaq: PHUN; -99%) in 2018.
Stellar V Capital was founded in 2024 and plans to list on the Nasdaq under the symbol SVCCU. BTIG is the sole bookrunner on the deal.
