BowX Acquisition, a blank check company formed by Bow Capital Management to acquire a TMT business, raised $420 million by offering 42 million units at $10. The company had originally filed to raise $350 million. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50.
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The company is led by Co-CEO and Chairman Vivek Ranadivé, who is the founder and Managing Director of Bow Capital Management, and Co-CEO and CFO Murray Rode, who is a senior advisor and consultant to Bow Capital Management. The pair developed TIBCO Software, a real time integration, process automation and analytics company, which was sold to Vista Equity Partners in 2014 for $4.3 billion. BowX Acquisition plans to target businesses in the technology, media, and telecommunications (TMT) industries with enterprise values between $1 billion and $3 billion.
Ranadivé is the Chairman, CEO, and owner of the Sacramento Kings NBA team, one of several SPAC executives with a sports team.
BowX Acquisition plans to list on the Nasdaq under the symbol BOWXU. UBS Investment Bank acted as lead manager on the deal.
