Rosecliff Acquisition I, a blank check company backed by Rosecliff Venture Management targeting technology, raised $220 million by offering 22 million units at $10. The company offered 2 million more units than anticipated. Each unit will consist of one share of common stock and one-third of a warrant, exercisable at $11.50.
The company is led by CEO and Director Michael Murphy, the founder and Managing Partner of Rosecliff Venture Management; President and Director Jordan Zimmerman, the founder and Chairman of Zimmerman Advertising; and CFO Kieran Goodwin, the founder and former Co-Managing Partner and Portfolio Manager of Panning Capital Management. Rosecliff Acquisition intends to focus on identifying high growth technology and tech-enabled businesses domestically in industries that are being disrupted by advances in technology and on technology paradigms.
Rosecliff Acquisition I plans to list on the Nasdaq under the symbol RCLFU. BTIG acted as a lead manager on the deal.
