Soar Technology Acquisition, a blank check company targeting tech-enabled businesses, filed on Thursday with the SEC to raise up to $250 million in an initial public offering.
The New York, NY-based company plans to raise $250 million by offering 25 million units at $10. Each unit will consist of one share of common stock and one-third of a warrant, exercisable at $11.50. At the proposed deal size, Soar Technology Acquisition will command a market value of $313 million.
The company is led by CEO and Chairman Jonathan Poulin, who founded family office JPK Capital Management in 2017 and serves as Managing Partner. Poulin also previously served as VP of Airbnb's global luxury business. He is joined by CFO Vicky Bathija, who has worked at JPK Capital since 2020 and also formerly served as Head of Hospitality for Airbnb's luxury division. Soar Technology Acquisition intends to target a tech-enabled, scalable growth company that benefits from secular tailwinds, has a competitive market position, attractive unit economics, and a proven management team.
Soar Technology Acquisition was founded in 2021 and plans to list on the NYSE under the symbol FLYA.U. J.P. Morgan and RBC Capital Markets are the joint bookrunners on the deal.
