VectoIQ Acquisition II, the second blank check company led by former GM execs targeting the smart transportation industry, filed on Friday with the SEC to raise up to $300 million in an initial public offering.
The Mamaroneck, NY-based company plans to raise $300 million by offering 30 million units at $10. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50. Sponsor members Apollo Capital Management and P. Schoenfeld Asset Management intend to purchase 6 million units in the offering. At the proposed deal size, VectoIQ Acquisition II would command a market value of $384 million.
The company is led by CEO and Director Stephen Girsky, founder and Managing Partner of VectoIQ and former Vice Chairman of General Motors; CFO Steve Shindler, a Director and former CEO of Latin American mobile telecom provider NII Holdings (Nasdaq: NIHD); and COO Mary Chan, a Managing Partner at VectoIQ and former President of Global Connected Consumer at General Motors. The company plans to target the industrial technology, transportation, and smart mobility industries.
The group's previous SPAC, VectoIQ Acquisition, went public in May 2018 and completed its acquisition of Nikola (NKLA; +71% from $10 offer price) in June 2020.
VectoIQ Acquisition II was founded in 2020 and plans to list on the Nasdaq under the symbol VTIQU. The company filed confidentially on September 17, 2020. Cowen and Morgan Stanley are the joint bookrunners on the deal.
