Motion Acquisition, a blank check company formed by the former CEO of Fleetmatics targeting the telematics industry, filed on Friday with the SEC to raise up to $130 million in an initial public offering.
The New York, NY-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-third of a warrant, exercisable at $11.50. At the proposed deal size, Motion Acquisition would command a market value of $163 million.
The company is led by Chairman Jim Travers, who previously served as the CEO of global software services company Fleetmatics and led its $2.4 billion sale to Verizon in 2016. CEO Michael Burdiek is the former CEO of CalAmp, a global provider of wireless communications solutions. The company plans to target the telematics industry, including businesses that provide transportation software technology solutions for fleet management, freight and logistics, and connected vehicle applications.
Motion Acquisition was founded in 2020 and plans to list on the Nasdaq under the symbol MOTNU. The SPAC filed confidentially on August 28, 2020. Barclays is the sole bookrunner on the deal.
