DPCM Capital, a blank check company formed by former Uber executive Emil Michael, filed on Friday with the SEC to raise up to $250 million in an initial public offering.
The Miami, FL-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-third of a warrant, exercisable at $11.50. At the proposed deal size, DPCM Capital would command a market value of $313 million.
The company is led by Chairman and CEO Emil Michael, who is most widely known for his former role as Chief Business Officer of ridesharing giant Uber. While at Uber, Michael managed the company's China and Russia operations, raised nearly $15 billion of investor capital, and created key partnerships with established global corporations such as American Express, AT&T, Toyota, and others. DPCM Capital intends to target North American technology businesses with enterprise values between $1 billion and $2 billion.
DPCM Capital was founded in 2020 and plans to list on the NYSE under the symbol XPOA.U. The company filed confidentially on August 28, 2020. UBS Investment Bank is the sole bookrunner on the deal.
