CF Finance Acquisition II, the second blank check company formed by Cantor Fitzgerald, filed on Friday with the SEC to raise up to $525 million in an initial public offering.
The New York, NY-based company plans to raise $525 million by offering 52.5 million units at $10. Each unit consists of one share of common stock and one-third of a warrant, exercisable $11.50. At the proposed price, CF Finance Acquisition II would command a market value of $668 million.
The company is led by CEO and Chairman Howard Lutnick, the CEO and Chairman of Cantor; President Anshu Jain, the President of Cantor; and CFO Paul Pion, the US Chief Administrative Officer and Senior Managing Director of Cantor Fitzgerald & Co. While the company has not selected a target industry or geography, it plans to leverage its management team's experience in the financial services, healthcare, real estate services, technology, and software industries. Additionally, it plans to target businesses with an enterprise value between $1 billion to $2.5 billion or more.
Cantor's previous SPAC CF Finance Acquisition (CFFA; +4% from $10 offer price) went public in December 2018 and recently announced a merger agreement with alternative asset management firm GCM Grosvenor.
CF Finance Acquisition II was founded in 2019 and plans to list on the Nasdaq under the symbol CFIIU. The company filed confidentially on May 18, 2020. Cantor Fitzgerald is the sole bookrunner on the deal.
