Supernova Partners Acquisition, a blank check company formed by the co-founder of Zillow and other entrepreneur and investment veterans, raised $350 million by offering 35 million units at $10. The company offered 5 million more units than anticipated. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50. The company may raise an additional $50 million at the closing of an acquisition pursuant to a forward purchase agreement with its Co-Chairmen.
The company is led by Co-Chairmen Spencer Rascoff and Alexander Klabin. Rascoff is a serial entrepreneur and co-founder of both Hotwire and Zillow. Klabin is co-founder of Senator Investment Group. CEO Robert Reid is a former Senior Managing Director in the Private Equity Group, and CFO Michael Clifton most recently served as a senior investment professional at The Carlyle Group. The SPAC intends to partner with an advantaged growth company that benefits from thematic shifts and tech-enabled trends.
Supernova Partners Acquisition plans to list on the NYSE under the symbol SPNV.U. J.P. Morgan and Jefferies acted as joint bookrunners on the deal.
