ScION Tech Growth I, a UK blank check company formed by ION Investment Group targeting technology, raised $500 million by offering 50 million units at $10.
Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50. Pursuant to a forward purchase agreement, the sponsor may buy an additional $100 million worth of units at the closing of an acquisition, or up to $300 million at the sponsor's discretion.
The SPAC is led by Executive Chairman Andrea Pignataro, who is the founder and CEO of ION Investment Group, and CEO and Director Mathew Cestar, who previously served as Co-Head of EMEA Investment Banking and Capital Markets at Credit Suisse. ScION Tech Growth I intends to target tech-enabled businesses that offer specific technology solutions, broader technology software, and services in the financial services sector.
ScION Tech Growth I listed on the Nasdaq under the symbol SCOAU. UBS Investment Bank and Citi acted as lead managers on the deal.
