Ventoux CCM Acquisition, a blank check company formed by industry veterans and Chardan targeting the hospitality industry, filed on Tuesday with the SEC to raise up to $150 million in an initial public offering.
The Greenwich, CT-based company plans to raise $150 million by offering 15 million units at $10. Each unit will consist of one share of common stock, a right to one-twentieth of a share of common stock upon the consummation of an initial business combination, and one warrant to purchase one-half of a share of common stock, exercisable at $11.50. At the proposed deal size, Ventoux CCM Acquisition will command a market value of $188 million.
The company is led by CEO and Chairman Edward Scheetz, the founder and former CEO of Chelsea Hotels (formerly King & Grove Hotels), and CFO and Director Matthew MacDonald, who most recently served as VP of Capital Strategy and Wellness Development at Hyatt Hotels. Ventoux CCM Acquisition plans to target established and high-growth businesses in the hospitality, leisure, travel, and dining sectors, primarily focusing on those based in North America with enterprise values between $500 million and $2 billion.
Ventoux CCM Acquisition was founded in 2019 and plans to list on the Nasdaq under the symbol VTAQU. The company filed confidentially on August 27, 2020. Chardan Capital Markets is the sole bookrunner on the deal.
