Mason Industrial Technology, a blank check company formed by Mason Capital targeting advanced industrials, filed on Tuesday with the SEC to raise up to $400 million in an initial public offering.
The New York, NY-based company plans to raise $400 million by offering 40 million units at $10. Each unit will consist of one share of common stock and one-third of a warrant, exercisable at $11.50. The company may raise an additional $80 million at the closing of an acquisition pursuant to a forward purchase agreement with the sponsor. At the proposed deal size, Mason Industrial Technology will command a market value of $500 million.
The company is led by CEO and Director Edward Rose III, who has been a Senior Partner at Mill Rock Capital since 2018; CFO and Director Derek Satzinger, who has served as CFO of Mason Capital since 2012; and Chairman Michael Martino, who founded Mason Capital in 2000 and currently serves as Principal. Mason Industrial Technology intends to concentrate on businesses in the industrial technology, advanced materials, or specialty chemicals industries (collectively, "Advanced Industrials"), with enterprise values ranging between $1 billion and $3 billion.
Mason Industrial Technology was founded in 2020 and plans to list on the NYSE under the symbol MIT.U. It filed confidentially on September 28, 2020. Citi and Jefferies are the joint bookrunners on the deal.
