Growth Capital Acquisition, a blank check company formed by Greek shipping executives targeting an emerging growth company, raised $150 million by offering 15 million units at $10. The company had decreased the offering size earlier this month to 12.5 million units, returning to its originally planned 15 million units at pricing. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50.
The company is led by Co-CEO and Chairman Prokopios Tsirigakis, the CEO of Nautilus Energy Management and SevenSeas Investment Fund, and Co-CEO and CFO George Syllantavos. The company is targeting global emerging growth and lower-to-middle market companies with enterprise values of $300 million to $1.5 billion, strong platforms within niche market segments that and would benefit from access to the public markets, and management teams that have showcased industry leading operational expertise and a track record of providing returns to investors.
The pair's previous SPACs include Stellar Acquisition III, which went public in August 2016 and acquired tech startup Phunware (Nasdaq: PHUN; -82% from $10 offer price) in December 2018; Nautilus Marine Acquisition, which went public in 2011, completed its acquisition of Assetplus Limited and was taken private in 2013, and was acquired by DryShips (Nasdaq: DRYS) in 2015; and Star Maritime Acquisition, which went public in 2005 and completed its combination with Star Bulk Carriers (Nasdaq: SBLK; +6%) in 2015.
Growth Capital Acquisition plans to list on the Nasdaq under the symbol GCACU. Maxim Group LLC acted as a lead manager on the deal.
