DPCM Capital, a blank check company targeting North American technology businesses, raised $300 million by offering 30 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 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 plans to list on the NYSE under the symbol XPOA.U. UBS Investment Bank acted as sole bookrunner on the deal.
