RMG Acquisition II, the second blank check company formed by Riverside's James Carpenter and former Carlyle executive Robert Mancini, raised $300 million by offering 30 million units at $10. The company offered 5 million more units than anticipated, though it had previously downsized the offering from 35 million units earlier this month. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50.
The company is led by Chairman James Carpenter, founder and CEO of Riverside Management Group, and CEO and Director Robert Mancini, a former Managing Director with The Carlyle Group and head or co-head of its power investment business. While the company has not selected a specific target industry or geography, it plans to target business with enterprise values between $1 billion and $4 billion that have large and growing market opportunities, strong management teams, and a strong focus on ESG and sustainability, among other characteristics.
Management's previous SPAC, RMG Acquisition (RMG; +89% from $10 offer price), went public in February 2019 and is pending a merger agreement with EV battery maker Romeo Power.
RMG Acquisition II plans to list on the Nasdaq under the symbol RMGBU. BofA Securities and Barclays acted as lead managers on the deal.
