Starboard Value Acquisition, a blank check company formed by Starboard Value, filed on Tuesday with the SEC to raise up to $300 million in an initial public offering.
The New York, NY-based company plans to raise $300 million by offering 30 million units at $10. Each unit consists of one share of common stock, one-sixth of a warrant, exercisable at $11.50, and a contingent right to receive at least one-sixth of a warrant. The company may raise an additional $100 million at the closing of an acquisition pursuant to a forward purchase agreement with clients of Starboard Value. At the proposed price, Starboard Value Acquisition would command a market value of $375 million.
The company is led by CEO Martin McNulty Jr., a Managing Director of Starboard Value, and Chairman Jeffrey Smith, founder, CEO, CIO, and a Managing Member of Starboard. The company plans to target industries that align with its sponsor's and advisors' backgrounds, including technology, healthcare, consumer, industrials, and hospitality and entertainment.
Starboard Value Acquisition was founded in 2019 and plans to list on the Nasdaq under the symbol SVACU. Starboard Value Acquisition filed confidentially on June 23, 2020. UBS Investment Bank, Stifel and Cowen are the joint bookrunners on the deal.
