Atlantic Street Acquisition, a blank check company formed by MC Credit Partners targeting the business and consumer-related sectors, filed on Monday with the SEC to raise up to $250 million in an initial public offering.
The Stamford, CT-based company plans to raise $250 million by offering 25 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, Atlantic Street Acquisition would command a market value of $313 million.
The company is led by CEO and Chairman Ashok Nayyar, co-founder, Managing Director, and CIO of MC Credit Partners; Co-President Michael Zimmerman, co-founder and Managing Director of MC Credit Partners; and Co-President David Gelobter, Managing Director of MC Credit Partners. The company plans to target a business in an industry that aligns with the relationships and expertise of the sponsor's senior investment team, including TMT, healthcare, fintech, and other business and consumer related services.
Atlantic Street Acquisition was founded in 2020 and plans to list on the NYSE under the symbol ASAQ.U. The company filed confidentially on August 10, 2020. Cowen is the sole bookrunner on the deal.
