Starboard Value Acquisition, a blank check company formed by Starboard Value, raised $360 million by offering 36 million units at $10. The company offered 6 million more units than anticipated. 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.
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 plans to list on the Nasdaq under the symbol SVACU. UBS Investment Bank, Stifel and Cowen acted as lead managers on the deal.
