Stellar V Capital, a blank check company formed by Greek shipping executives targeting established businesses, raised $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.
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 plans to list on the Nasdaq under the symbol SVCCU. BTIG acted as sole bookrunner on the deal.