PropTech Acquisition, a blank check company targeting the real estate tech industry, filed on Tuesday with the SEC to raise up to $150 million in an initial public offering.
The Wilson, WY-based company plans to raise $150 million by offering 15 million units at a price of $10. At $10, PropTech Acquisition would command a market value of $188 million. Each unit consists of one share of common stock and one half of one warrant to purchase common stock at a price of $11.50 per share.
Sponsor HC PropTech Partners (19% post-IPO stake) is an affiliate of the SPAC's officers and directors. Co-CEO, President, and Chairman Thomas Hennessy and Co-CEO, CFO, and director Joseph Beck are currently Managing Partners of Real Estate Strategies at Hennessy Capital and previously served as Portfolio Managers at ADIA. Senior Advisor Daniel Hennessy, CEO of Hennessy Capital, has led several SPAC's, most recently Hennessy Capital Acquisition IV (HCACU), a February 2019 IPO.
The company was founded in 2019 and plans to list on the Nasdaq under the symbol PTACU. Cantor Fitzgerald is the sole bookrunner on the deal. No pricing terms were disclosed.
