Atlantic Avenue Acquisition, a blank check company formed by MC Credit Partners targeting the business and consumer-related sectors, raised $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.
The company, formerly named Atlantic Street Acquisition, 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 Avenue Acquisition plans to list on the NYSE under the symbol ASAQ.U. Cowen, Baird, AmeriVet Securities, Loop Capital Markets, CastleOak Securities, Drexel Hamilton and Siebert Williams Shank acted as joint bookrunners on the deal.
