Omnichannel Acquisition, a blank check company targeting omnichannel consumer and retail businesses, lowered the proposed deal size for its upcoming IPO on Tuesday.
The Summit, NJ-based company now plans to raise $250 million by offering 25 million units at a price of $10. The company had previously filed to offer 35 million units at the same price. Each unit will still consist of one share of common stock and one-half of a warrant, exercisable at $11.50. At the revised deal size, Omnichannel Acquisition will raise -29% less in proceeds than previously anticipated.
The company is led by CEO and Chairman Matt Higgins, the co-founder and CEO of RSE Ventures, and CFO Chris Pantoya, who was previously a SVP with the National Basketball Association and currently serves as Chief Commercial Officer and Head of Strategy of FANchise. Omnichannel Acquisition intends to focus on "omnichannel" businesses, including those in the direct-to-consumer and e-commerce retail, consumer healthcare, consumer marketplaces, consumer services, and related sectors in North America, with enterprise values between $1 billion and $2.5 billion.
Omnichannel Acquisition was founded in 2020 and plans to list on the NYSE under the symbol OCA.U. Citi is the sole bookrunner on the deal.
