Dune Acquisition, a blank check company led by executives from delta2 Capital targeting a SaaS business, raised $150 million by offering 15 million units at $10. The company offered 2 million more units than anticipated. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50.
The company is led by CEO and Director Carter Glatt, CIO and Managing Partner of SPAC-focused investment fund delta2 Capital. Glatt previously served as Head of Corporate Development and Senior Vice President of GTY Technology Holdings (GTYH), a SaaS company that was formerly a SPAC. CFO and Director Michael Castaldy currently serves as CEO and Managing Partner of delta2 Capital and previously co-founded multi-strategy hedge fund Diverse Partners. The company plans to target the technology sector, particularly businesses pursuing a SaaS model with enterprise values between $300 million and $1 billion.
Dune Acquisition plans to list on the Nasdaq under the symbol DUNEU. Cantor Fitzgerald and Needham & Co. acted as lead managers on the deal.
