HPX Corp., a blank check company targeting a business in Brazil, raised $220 million by offering 22 million units at $10. The SPAC had originally planned to raise $200 million. Each unit consists of one share and one-half of a warrant, exercisable at $11.50.
Co-Chairman Bernardo Hees is Chairman of Avis Budget Group (Nasdaq: CAR) and was previously a Partner at Brazil-based private equity firm 3G Capital, where he served as CEO of Kraft Heinz (Nasdaq: KHC) and CEO of Burger King, and before that as CEO of a Brazilian logistics firm.
The primary shareholder is sponsor HPX Capital Partners, managed by the SPAC's three executives; it originally filed with the standard 20% post-IPO stake.
HPX Corp. plans to list on the NYSE under the symbol HPX.U. Credit Suisse acted as lead manager on the deal.
