RMG Acquisition II, the second blank check company formed by Riverside's James Carpenter and former Carlyle executive Robert Mancini, filed on Tuesday with the SEC to raise up to $350 million in an initial public offering.
The New York, NY-based company plans to raise $350 million by offering 35 million units at $10. Each unit consists of one share of common stock and one-quarter of a warrant, exercisable at $11.50. At the proposed deal size, RMG Acquisition II would command a market value of $438 million.
The company is led by Chairman James Carpenter, founder and CEO of Riverside Management Group, and CEO and Director Robert Mancini, a former Managing Director with The Carlyle Group and head or co-head of its power investment business. While the company has not selected a specific target industry or geography, it plans to target business with enterprise values between $1 billion and $4 billion that have large and growing market opportunities, strong management teams, and a strong focus on ESG and sustainability, among other characteristics.
Management's previous SPAC, RMG Acquisition (RMG; +2% from $10 offer price), went public in February 2019 and recently announced a merger agreement with EV battery maker Romeo Power.
RMG Acquisition II was founded in 2020 and plans to list on the Nasdaq under the symbol RMGBU. The SPAC filed confidentially on August 5, 2020. BofA Securities is the sole bookrunner on the deal.
