Social Leverage Acquisition I, a blank check company led by a co-founder of Social Leverage targeting the tech and fintech sectors, filed on Monday with the SEC to raise up to $300 million in an initial public offering.
The Scottsdale, AZ-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. At the proposed deal size, Social Leverage Acquisition I would command a market value of $375 million.
The company is led by CEO and Director Howard Lindzon, co-founder and Managing Partner of tech-focused early-stage investment firm Social Leverage and the co-founder of financial social media site StockTwits; Executive Chairman Paul Grinberg, who currently serves as Chairman of Axos Financial (NYSE: AX); and COO Douglas Horlick, the founder of strategy and advisory consulting firm Estancia LLC. The company plans to target businesses in the fintech, enterprise software, or consumer technology sectors with enterprise values above $1 billion.
Social Leverage Acquisition I was founded in 2020 and plans to list on the NYSE under the symbol SLAC.U. The company filed confidentially on December 23, 2020. Barclays and BofA Securities are the joint bookrunners on the deal.
