Kairos Acquisition, a blank check company targeting the insurance and insurtech sectors, raised $240 million by offering 24 million units at $10. The company offered 4 million more units than anticipated. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. HS Chronos LLC, a subsidiary of insider Hudson Structured Capital Management, had indicated on 9.9% of units in the offering.
The company is led by CEO and Director Peter Bang, who has served as a Managing Director at ERG Capital Partners, a London-based investment bank, since 2018. He is joined by CFO Jerry De St. Paer, a Senior Advisor to Grail Partners and Northstar Companies who previously served as CFO of XL Capital. Kairos intends to target the insurance and InsurTech sectors where management's experience and access to public markets can be a catalyst for accelerating growth.
Kairos Acquisition plans to list on the Nasdaq under the symbol KAIRU. Citi acted as a lead manager on the deal.
