Mason Industrial Technology, a blank check company formed by Mason Capital targeting advanced industrials, raised $450 million by offering 45 million units at $10. The company offered 5 million more units than anticipated. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50. Mason Industrial Technology may raise an additional $80 million at the closing of an acquisition pursuant to a forward purchase agreement with the sponsor.
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 plans to list on the NYSE under the symbol MIT.U. Citi and Jefferies acted as lead managers on the deal.
