Social Leverage Acquisition I, a blank check company led by Social Leverage's Howard Lindzon targeting the tech and fintech sectors, raised $300 million by offering 30 million units at $10.
Each unit consists of one share of common stock and one-fourth of a warrant, exercisable at $11.50. The units originally contained third-warrants, before the SPAC lowered its warrant terms last week in a sign of potential demand.
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 co-founder of social media platform 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 plans to list on the NYSE under the symbol SLAC.U. Barclays and BofA Securities acted as lead managers on the deal.
