Genesis Park Acquisition, a blank check company formed by Genesis Park targeting the aviation and aerospace industries, lowered the proposed deal size for its upcoming IPO on Tuesday.
The Houston, TX-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 will still consist of one share of common stock and one-half of a warrant, exercisable at $11.50. Genesis Park, certain directors, and new investors have indicated an interest in purchasing up to $40 million of the IPO. At the revised deal size, Genesis Park Acquisition will raise -25% less in proceeds than previously anticipated.
The company is led by Chairman David Siegel, a Senior Advisor for Apollo Global Management, Executive Chairman of ultra-low-cost carrier Sun Country Airlines, and Chairman of Spanish low-cost airline Volotea. CEO and Director Paul Hobby is a Founding Partner at Genesis Park, a private equity firm specializing in growth businesses, distressed situations, and public company carveouts. The company plans to target businesses in the aviation and aviation services sectors with enterprise values between $500 million and $1 billion.
Genesis Park Acquisition was founded in 2020 and plans to list on the NYSE under the symbol GNPK.U. Jefferies is the sole bookrunner on the deal.
