Z-Work Acquisition, a blank check company targeting work technology businesses, filed on Wednesday with the SEC to raise up to $200 million in an initial public offering.
The New York, NY-based company plans to raise $200 million by offering 20 million units at $10. Each unit will consist of one share of common stock and one-half of a warrant, exercisable at $11.50. Anchor investor P. Schoenfeld Asset Management has indicated an interest in purchasing up to 9.9% of units in the offering. At the proposed deal size, Z-Work Acquisition will command a market value of $250 million.
The company is led by Executive Co-Chairman Doug Atkin, who co-founded Communitas Capital in 2017 and currently serves as Managing Partner; Executive Co-Chairman Chris Terrill, who previously served as CEO of ANGI Homeservices and HomeAdvisor; and CFO and President Adam Roston, who previously served as CEO of Bluecrew and IAC Publishing. Z-Work Acquisition intends to focus on high growth-potential, tech-driven, and tech-enabled targets that are disrupting and transforming the workplace.
Z-Work Acquisition was founded in 2020 and plans to list on the Nasdaq under the symbol ZWRKU. It filed confidentially on December 11, 2020. Jefferies is the sole bookrunner on the deal.
