Burgundy Technology Acquisition, a blank check company formed by the former CEO of HP and a former Citi executive targeting the tech industry, raised $300 million by offering 30 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. The Cayman Islands-based SPAC had originally filed to offer 40 million units, before lowering its terms on Tuesday.
The company is led by Co-CEO and Chairman Leo Apotheker and Co-CEO and CFO Jim Mackey.
The company plans to target the technology sector, particularly companies in enterprise software or technology-enabled services with an enterprise value between $750 million and $2 billion.
Burgundy Technology Acquisition plans to list on the Nasdaq under the symbol BTAQU. Mizuho Securities acted as sole bookrunner on the deal.
