Trine II Acquisition, the second SPAC led by Leo Hindery targeting the TMT industries, filed on Thursday with the SEC to raise up to $425 million in an initial public offering.
The New York, NY-based company plans to raise $425 million by offering 42.5 million units at $10. Each unit will consist of one share of common stock and one-fourth of a warrant, exercisable at $11.50. At the proposed deal size, Trine II Acquisition will command a market value of $531 million.
The company is led by Chairman Leo Hindery Jr., who founded InterMedia Partners in 1988 and currently serves as Managing Partner, and CEO and Director Pierre Henry, who previously was VP of Corporate Development & Investor Relations at InterMedia Partners-backed Hemisphere Media Group and served as Principal at Rakuten prior to that. The group's previous SPAC, Trine Acquisition, completed its business combination with metal 3D printing technology provider Desktop Metal (DM; +191% from $10 offer price) in December 2020.
Trine II Acquisition's focus is centered on partnering with innovative and disruptive TMT companies based in North America and Europe.
Trine II Acquisition was founded in 2021 and plans to list on the NYSE under the symbol TRAQ.U. Morgan Stanley is the sole bookrunner on the deal.
