Colicity, a blank check company formed by Pendrell targeting TMT, filed on Friday with the SEC to raise up to $275 million in an initial public offering.
The Kirkland, WA-based company plans to raise $275 million by offering 27.5 million units at $10. Each unit will consist of one share of common stock and one-fifth of a warrant, exercisable at $11.50. At the proposed deal size, Colicity will command a market value of $344 million.
The company is led by CEO and Chairman Craig McCaw, who currently serves as Co-CEO and Chairman of Pendrell (NASDAQ: PCO). He is joined by CFO Steve Ednie, who currently serves as CFO of Pendrell. Colicity intends to identify and execute an initial business combination within the technology, media, and telecommunications (TMT) industry in the US and other developed countries.
Management's previous SPAC, Holicity (HOLU; +9%), went public in August 2020 and recently announced a merger agreement with space launch company Astra.
Colicity was founded in 2020 and plans to list on the Nasdaq under the symbol COLIU. It filed confidentially on October 28, 2020. Goldman Sachs and PJT Partners are the joint bookrunners on the deal.
