Dune Acquisition, a blank check company formed by executives from delta2 Capital targeting a SaaS business, filed on Thursday with the SEC to raise up to $130 million in an initial public offering.
The West Palm Beach, FL-based company plans to raise $130 million by offering 13 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 deal size, Dune Acquisition would command a market value of $163 million.
The company is led by CEO and Director Carter Glatt, CIO and Managing Partner of SPAC-focused investment fund delta2 Capital. Glatt previously served as Head of Corporate Development and Senior Vice President of GTY Technology Holdings (GTYH), a SaaS company that was formerly a SPAC. CFO and Director Michael Castaldy currently serves as CEO and Managing Partner of delta2 Capital and previously co-founded multi-strategy hedge fund Diverse Partners. The company plans to target the technology sector, particularly businesses pursuing a SaaS model with enterprise values between $300 million and $1 billion.
Dune Acquisition was founded in 2020 and plans to list on the Nasdaq under the symbol DUNEU. The company filed confidentially on July 20, 2020. Cantor Fitzgerald and Needham & Co. are the joint bookrunners on the deal.
