Growth Capital Acquisition, a blank check company formed by SPAC veterans targeting an emerging growth company, filed on Tuesday with the SEC to raise up to $150 million in an initial public offering.
The New York, NY-based company plans to raise $150 million by offering 15 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. At the proposed price, Growth Capital Acquisition would command a market value of $192 million.
The company is led by Co-CEO and Chairman Prokopios Tsirigakis, the CEO of Nautilus Energy Management and SevenSeas Investment Fund, and Co-CEO and CFO George Syllantavos. The company is targeting global emerging growth and lower-to-middle market companies with enterprise values of $300 million to $1.5 billion, strong platforms within niche market segments that and would benefit from access to the public markets, and management teams that have showcased industry leading operational expertise and a track record of providing returns to investors.
Growth Capital Acquisition was founded in 2010 and plans to list on the Nasdaq under the symbol GCACU. Growth Capital Acquisition filed confidentially on February 27, 2020. Maxim Group LLC is the sole bookrunner on the deal.
