OTR Acquisition, a blank check company formed by the co-founder of Cyrus Capital and Standard General, raised $100 million by offering 10 million units at $10. The company offered 1.5 million fewer units than anticipated. It originally planned to offer 25 million units before decreasing the offering to 11.5 million units last month. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50.
The company is led by CEO and Chairman Nicholas Singer, founder of family office Purchase Capital and former co-founder of Cyrus Capital Partners and Standard General. The company plans to target off-the-run private companies that have either positive operating cash flow or compelling unit economics combined with a clear path to positive operating cash flow, tangible or intangible assets with significant barriers to entry, and experienced incentivized management teams. It plans to target businesses with enterprise values of approximately $500 million to $2.5 billion.
OTR Acquisition plans to list on the Nasdaq under the symbol OTRAU. Maxim Group LLC acted as a lead manager on the deal.
