DD3 Acquisition II, the second blank check company formed by DD3 Capital Partners, filed on Thursday with the SEC to raise up to $100 million in an initial public offering.
The Mexico City, Mexico-based company plans to raise $100 million by offering 10 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. Baron Capital Group and MG Capital have indicated an interest in purchasing up to $20 million worth of units in the offering, and have also entered into a $50 million forward purchase agreement with the SPAC. At the proposed deal size, DD3 Acquisition II would command a market value of $128 million.
The company is led by CEO and Chairman Martin Werner, who co-founded financial advisory firm DD3 Capital Partners and currently serves as a Partner. While the company has not selected a target industry, it plans to focus on businesses that are fundamentally sound, innovative with strong free cash flow, and could benefit from a hands-on partner with financial experience, among other characteristics.
DD3 Capital Partners' previous SPAC, DD3 Acquisition, went public in October 2018 and completed its acquisition of Betterware de Mexico (BWMX; +205% from $10 offer price) this past March.
DD3 Acquisition II was founded in 2020 and plans to list on the Nasdaq under the symbol DDMXU. The company filed confidentially on October 21, 2020. EarlyBirdCapital is the sole bookrunner on the deal.
