Mallard Acquisition, a blank check company formed by Mallard Capital targeting an industrials business, filed on Monday with the SEC to raise up to $100 million in an initial public offering.
The Cornelius, NC-based company plans to raise $100 million by offering 10 million units at a price of $10. Each unit consists of one share of common stock and one whole warrant, exercisable at $11.50. At the proposed deal size, Mallard Acquisition would command a market value of $125 million.
The company is led by CEO Jeffrey Leck and CFO John Kirtley, who co-founded private equity firm KLH Capital in 2005 and Mallard Capital in June 2019. The company plans on targeting businesses in the value-added distribution, industrial specialty services, and differentiated manufacturing sectors with enterprise values between $300 million and $500 million.
Mallard Acquisition was founded in 2020 and plans to list on the Nasdaq under the symbol MACUU. Chardan Capital Markets is the sole bookrunner on the deal.
