Sandbridge X2, the second blank check company formed by Sandbridge Capital targeting a consumer business, filed on Wednesday with the SEC to raise up to $200 million in an initial public offering.
The New York, NY-based company plans to raise $200 million by offering 20 million units at $10. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50. The PIMCO private fund, a member of the sponsor, intends to purchase $20 million worth of units in the offering. At the proposed deal size, Sandbridge X2 would command a market value of $250 million.
The company is led by CEO and Chairman Ken Suslow, a Founding Managing Partner of private equity firm Sandbridge Capital; COO Joe Lamastra, a Founding Managing Partner at Sandbridge Capital and CEO of T Capital Management; and CFO Richard Henry, a Principal at Sandbridge Capital. The company plans to target the consumer sector and consumer-related businesses, focusing on modern consumer brands, disruptive consumer-based technologies, beauty and personal care, luxury, and health and wellness.
Management's previous SPAC, Sandbridge Acquisition (SBG; +4% from $10 offer price), went public in September 2020 and recently announced a merger agreement with nursery ecosystem Owlet Baby Care.
Sandbridge X2 was founded in 2021 and plans to list on the NYSE under the symbol SBII.U. The company filed confidentially on February 5, 2021. Citi and Deutsche Bank are the joint bookrunners on the deal.
