Motion Acquisition, a blank check company formed by the former CEO of Fleetmatics targeting the telematics industry, raised $115 million by offering 11.5 million units at $10. The company offered 1.5 million fewer units than anticipated. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50.
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 plans to list on the Nasdaq under the symbol MOTNU. Barclays acted as sole bookrunner on the deal.
