E.Merge Technology Acquisition, a blank check company formed to acquire a technology business, filed on Monday with the SEC to raise up to $500 million in an initial public offering.
The Burlingame, CA-based company plans to raise $500 million by offering 50 million units at a price of $10. Each unit consists of one share and one-half of a warrant, exercisable at $11.50. At the proposed price, E.Merge Technology Acquisition would command a market cap of $637 million.
The company is led by Co-CEO and CFO Jeff Clarke, the former CEO of Eastman Kodak (NYSE: KODK) and Co-CEO Guy Gecht, the former CEO of Electronics For Imaging. The company's Chairman will be Steven Singh, Managing Director at Madrona Venture Group and former CEO of Concur Technologies/SAP Concur. The company plans to target a business in the software and internet technology industries with a valuation between $1 billion and $3 billion.
The Burlingame, CA-based company was founded in 2020 and plans to list on the Nasdaq under the symbol ETACU. E.Merge Technology Acquisition filed confidentially on June 16, 2020. Cantor Fitzgerald and Mizuho Securities are the joint bookrunners on the deal.
