Vector Acquisition II, the second blank check company formed by Vector Capital targeting the tech industry, filed on Tuesday with the SEC to raise up to $400 million in an initial public offering.
The San Francisco, CA-based company plans to raise $400 million by offering 40 million units at $10. Each unit consists of one share of common stock and one-fifth of a warrant, exercisable at $11.50. At the proposed deal size, Vector Acquisition II would command a market value of $500 million.
The company is led by CEO and Chairman Alex Slusky, founder of of Vector Capital and former leader of the technology equity practice at Ziff Brothers Investments, and President David Fishman, a Partner and Head of the Investment Team at Vector Capital. The group's previous SPAC, Vector Acquisition (VACQU; +10% from $10 offer price), recently raised $300 million in September 2020. Vector Acquisition II plans to leverage its management team's experience to target the technology and technology-enabled services sectors.
Vector Acquisition II was founded in 2021 and plans to list on the Nasdaq under the symbol VAQCU. Deutsche Bank and BofA Securities are the joint bookrunners on the deal.
