Industrial Tech Acquisitions, a blank check company targeting a technology business operating in an industrial or energy area, filed on Friday with the SEC to raise up to $60 million in an initial public offering.
The Houston, TX-based company plans to raise $60 million by offering 6 million units at a price of $10. Each unit consists of one share and one whole warrant, exercisable at $11.50. At the proposed deal size, Industrial Tech Acquisitions would command a market value of $76 million.
The company is led by CEO and Chairman Scott Crist, the CEO of intelligent video monitoring firm Osperity and a Partner at Texas Ventures, and CFO Greg Smith, who previously founded and served as CEO and CFO of ERF Wireless and is the former CFO of Infrastructure Networks. The company plans to focus its search on industrial and energy technology companies with an enterprise value of approximately $250 million to $500 million.
Industrial Tech Acquisitions was founded in 2020 and booked plans to list on the Nasdaq under the symbol ITACU. Industrial Tech Acquisitions filed confidentially on July 6, 2020. Maxim Group LLC is the sole bookrunner on the deal.
