Hudson Executive Investment II, the second blank company formed by Hudson Executive Capital targeting high-growth industries, filed on Thursday for an initial public offering.
The New York, NY-based company plans to raise $200 million by offering 20 million units at a price of $10. There it would command a market value of $250 million. Units consist of one share of common stock and one-fourth of a warrant, exercisable at $11.50. An affiliate of the sponsor will commit to buy up to $50 million worth of units pursuant to a forward purchase agreement upon the closing of an acquisition.
The SPAC is led by President and Chairman Douglas Braunstein, the founder and Managing Partner of Hudson Executive Capital, who previously served as CFO of J.P. Morgan. He is joined by CEO and Director Douglas Bergeron, a Managing Partner at Hudson who previously was CEO of Verifone.
The team took public its first SPAC, Hudson Executive Investment (HECCU), which raised $360 million in June 2020 targeting to acquire a fintech or high-growth healthcare business; the SPAC has not yet announced a proposed acquisition. While this new SPAC will also evaluate those two industries, it intends to pursue any company desirable growth-oriented characteristics, high barriers to entry and sustainable competitive advantages. The SPAC claims that its sponsor's "CEO Network" provides it with a competitive advantage.
The New York, NY-based company was founded in 2020 and plans to list on the Nasdaq under the symbol HCIIU. Hudson Executive Investment II filed confidentially on September 8, 2020. Citi, J.P. Morgan and Barclays are the joint bookrunners on the deal.
