Pioneer Merger, a blank check company formed by Falcon Edge Capital and Patriot Global Management, filed on Monday with the SEC to raise up to $350 million in an initial public offering.
The New York, NY-based company plans to raise $350 million by offering 35 million units at $10. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50. At the proposed deal size, Pioneer Merger would command a market value of $438 million.
The company is led by Chairman Jonathan Christodoro, the CIO and President of Patriot Global Management; Co-President Rick Gerson, founder and CIO of Falcon Edge Capital; Co-President and Director Oscar Salazar, who previously co-founded and served as CTO of Pager; and CEO Ryan Khoury, co-founder and Partner at Falcon Edge Capital. The company plans to target businesses that are potential industry disruptors or innovators in a growth market, specifically focusing on technology and consumer sectors.
Pioneer Merger was founded in 2020 and plans to list on the Nasdaq under the symbol PACXU. Citi is the sole bookrunner on the deal.
