North Atlantic Acquisition, a blank check company targeting the consumer, industrials, and telecom sectors in North America and Europe, filed on Monday with the SEC to raise up to $300 million in an initial public offering.
The New York, 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. The company may raise an additional $100 million at the closing of an acquisition pursuant to a forward purchase agreement with its sponsor. At the proposed deal size, North Atlantic Acquisition would command a market value of $375 million.
The company is led by Chairman Andrew Morgan, who spent nearly three decades with multinational beverage alcohol company Diageo (LSE: DGE), most recently serving as Head of New Business. Morgan currently serves as Executive Chairman of The Island Rum Company, co-founder and Chairman of AYR, which is co-developing vaping technology with British American Tobacco, and Chairman of The Cafepod Coffee Company. He is joined by CEO and Director Gary Quin, who most recently served as Vice Chairman of the European investment banking division of Credit Suisse.
North Atlantic Acquisition plans to target consumer, industrials, and telecommunications businesses in North America and Europe, with a primary focus on Europe. While it may pursue opportunities outside of these sectors, the company states that it does not plan to target businesses operating in the oil & gas and pharmaceutical sectors.
North Atlantic Acquisition was founded in 2020 and plans to list on the Nasdaq under the symbol NAACU. Wells Fargo Securities and BTIG are the joint bookrunners on the deal.
