Thoma Bravo Advantage, a blank check company formed by Thoma Bravo targeting a software business, raised $900 million by offering 90 million shares at $10. Unlike an ordinary SPAC, the company did not offer units with warrants attached. It previously planned to offer units containing one-fifth of a warrant, before changing the type of securities offered earlier this month.
The company is led by Chairman Orlando Bravo, who is a co-founder and Managing Partner of Thoma Bravo; CEO Robert Sayle, a Partner at Thoma Bravo; and CFO Amy Coleman Redenbaugh, who is currently CFO and a managing director of Thoma Bravo. The SPAC plans to target and work with an existing management team to operate a market-leading, fast-growing software franchise.
Thoma Bravo Advantage plans to list on the NYSE under the symbol TBA. Citi, Deutsche Bank, Goldman Sachs, and Credit Suisse acted as lead managers on the deal.
