ScION Tech Growth II, the second UK blank check company formed by ION Investment Group targeting technology, raised $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. The company may raise an additional $100 million (or up to $300 million, at the sponsor's discretion) at the closing of an acquisition pursuant to a forward purchase agreement with an affiliate of the sponsor. The affiliate had also indicated on $20 million worth of units in the offering.
The company is led by Executive Chairman Andrea Pignataro, who is the founder and CEO of ION Investment Group, and CEO and Director Mathew Cestar, who previously served as Co-Head of EMEA Investment Banking and Capital Markets at Credit Suisse. The group's previous SPAC, ScION Tech Growth I (SCOAU; +11% from $10 offer price) raised $500 million in December of last year. ScION Tech Growth II intends to target tech-enabled businesses that offer specific technology solutions, broader technology software, and services in the financial services sector.
ScION Tech Growth II plans to list on the Nasdaq under the symbol SCOBU. Citi acted as a lead manager on the deal.
