Siddhi Acquisition, a blank check company formed by Siddhi Holdings targeting high-growth businesses, raised $240 million by offering 24 million units at $10. The company offered 4 million more units than anticipated. Each unit consists of one share of common stock and one right to receive one-tenth of a share upon the completion of an initial business combination.
Siddhi Acquisition is led by Chairman Brian Finn and CEO and Director Sam Potter, who currently serve as Chairman and Partner of growth equity firm Siddhi Holdings, respectively. The SPAC plans to target high-growth businesses believed to be positioned to take advantage of major secular trends in their industry. While it is not constrained to any specific industry, the company's management team has extensive experience in consumer brands, food & beverage, and food technology.
Siddhi Acquisition plans to list on the Nasdaq under the symbol SDHIU. Santander acted as sole bookrunner on the deal.
