Elliott Opportunity II, the second blank check company formed by Elliott Management targeting technology, filed on Friday with the SEC to raise up to $500 million in an initial public offering.
The West Palm Beach, FL-based company plans to raise $500 million by offering 50 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, Elliott Opportunity II will command a market value of $625 million.
The company is led by Co-Chairmen Jesse Cohn and Gordon Singer, who both serve as Managing Partners at Elliott Management. They are joined by Co-CEO David Kerko, who serves as Head of North America Private Equity at Elliott, and Co-CEO Isaac Kim, who is a Managing Director at Evergreen Coast Capital. Elliott's other SPAC, Elliott Opportunity I (EOIU.RC), filed concurrently with Elliott Opportunity II.
Elliott Opportunity II intends to capitalize on the management's ability to identify and acquire opportunities in the technology sector that have leading market positions, operate in a space with a large and growing total addressable market, have a track record of sustainable growth with identifiable upside opportunities and strong management teams.
Elliott Opportunity II was founded in 2021 and plans to list on the NYSE. It has not yet chosen a ticker (RC ticker: EOIIU.RC). Credit Suisse, Citi and UBS Investment Bank are the joint bookrunners on the deal.
