VectoIQ Acquisition, a blank check company led by former GM execs and focused on the smart transportation industry, raised $200 million by offering 20 million units at $10, as expected.
At that price, VectoIQ commands a market value of $256 million. Each unit consists of one share of common stock and one redeemable warrant.
CEO Stephen Girsky previously served in various executive roles at General Motors following its 2009 bankruptcy, including President of GM Europe and Vice Chairman.
VectoIQ Acquisition plans to list on the Nasdaq under the symbol VTIQU. Cowen & Company and Chardan Capital Markets acted as lead managers on the deal.
