Deep Lake Capital Acquisition, a blank check company led by former PayPal executives targeting the fintech sector, filed on Wednesday with the SEC to raise up to $150 million in an initial public offering.
The Incline Village, NV-based company plans to raise $150 million by offering 15 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. At the proposed deal size, Deep Lake Capital Acquisition would command a market value of $188 million.
The company is led by CEO and Chairman Mark Lavelle, who most recently was SVP of Commerce Cloud at Adobe and previously held various roles at eBay and PayPal; President and Director Gary Marino, who most recently served as EVP and Chief Commercial Officer at PayPal, where he worked for 11 years; and CFO and Director Michael Cyrus, co-founder and Partner at 7 Continents Global Expeditionary Operations. The company plans to target businesses in the financial technology, ecommerce software, and data and analytics sectors with enterprise values between $750 million to $1.5 billion.
Deep Lake Capital Acquisition was founded in 2020 and plans to list on the Nasdaq under the symbol DLCAU. The company filed confidentially on November 24, 2020. Citi and Jefferies are the joint bookrunners on the deal.
