L&F Acquisition, a second blank check company formed by Victory Park Capital targeting governance, risk, compliance and legal tech, lowered the proposed deal size for its upcoming IPO on Monday.
The Chicago, IL-based company now plans to raise $150 million by offering 15 million units at a price of $10. The company had previously filed to offer 20 million units at the same price. Each unit still consists of one common share and one half of a warrant, exercisable at $11.50. At the revised deal size, L&F Acquisition will raise -25% less in proceeds than previously anticipated.
The company is led by Chairman Jeffrey Hammes, former Chairman of Kirkland & Ellis, where he joined in 1985 served as a Partner until his retirement in 2019. CEO and Director Adam Gerchen is co-founder and CEO of law firm Keller Lenkner. Victory Park Capital founder and CEO Richard Levy serves as a Director. The SPAC plans on targeting businesses in the governance, risk, and compliance, and legal technology and software ("GRCL") sectors.
Victory Park's previous SPAC, VPC Impact Acquisition Holdings (VIHAU), went public this past September and and last closed with 0% gains from the $10 offer price.
L&F Acquisition was founded in 2020 and plans to list on the NYSE under the symbol LNFA.U. Jefferies is the sole bookrunner on the deal. It is expected to price during the week of November 16, 2020.
