TWC Tech Holdings II, the second blank check company formed by True Wind Capital targeting the tech industry, raised $525 million by offering 52.5 million units at $10. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50. The company may raise an additional $100 million at the closing of an acquisition pursuant to forward purchase agreements with several institutional accredited investors.
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The company is led by CEO and Director Adam Clammer and Chairman James Greene Jr., both of whom are founding partners of and members of the investment committee at True Wind Capital. The company plans to target the technology and technology-enabled services sectors, specifically those with overall transaction values between $1 billion and $10 billion.
True Wind Capital's previous SPAC, Nebula Acquisition, went public in January 2018 and completed its combination with auto finance analytics and services provider Open Lending (Nasdaq: LPRO; +114% from $10 offer price) in June 2020.
TWC Tech Holdings II plans to list on the Nasdaq under the symbol TWCTU. Citi and Deutsche Bank acted as lead managers on the deal.
