Genesis Park Acquisition, a blank check company formed by Genesis Park targeting the aviation and aerospace industries, raised $150 million by offering 15 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50.Genesis Park, certain directors, and new investors indicated on $40 million of the IPO.
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 plans to list on the NYSE under the symbol GNPK.U. Jefferies acted as a lead manager on the deal.
