HumanCo Acquisition, a blank check company targeting the US health and wellness industry, filed on Friday with the SEC to raise up to $225 million in an initial public offering.
The Austin, TX-based company plans to raise $225 million by offering 22.5 million units at $10. Each unit will consist of one share of common stock and one-half of a warrant, exercisable at $11.50. CAVU Venture Partners, a member of the sponsor, will purchase 2.5 million additional units in a private placement concurrent with the closing of the offering. At the proposed deal size, HumanCo Acquisition will command a market value of $306 million.
The company is led by Executive Co-Chairman Jason Karp and CEO and Director Ross Berman, who together co-founded HumanCo and serve as the CEO and President, respectively. They will be joined by Co-Chairman Rohan Oza, the co-founder of CAVU Ventures and former Chief Marketing Officer of Glacéau who built brands such as Vitamin Water and Smartwater. HumanCo Acquisition plans to target the health and wellness industry, with a focus on investing in and building brands focused on healthier living and sustainability.
HumanCo Acquisition was founded in 2020 and plans to list on the Nasdaq under the symbol HMCOU. The company filed confidentially on October 23, 2020. Citi is the sole bookrunner on the deal.
