Colicity, a blank check company formed by Pendrell targeting TMT, raised $300 million by offering 30 million units at $10. The company offered 2.5 million more units than anticipated. Each unit will consist of one share of common stock and one-fifth of a warrant, exercisable at $11.50.
The company is led by CEO and Chairman Craig McCaw, who currently serves as Co-CEO and Chairman of Pendrell. He is joined by CIO Randy Russell, who joined Pendrell in 2019 as co-founder and CEO of subsidiary Pendrell Financial Services, and CFO Steve Ednie, who currently serves as CFO of Pendrell. Colicity intends to identify and execute an initial business combination within the technology, media, and telecommunications (TMT) industry in the US and other developed countries.
Management's previous SPAC, Holicity (HOL; +62% from $10 offer price), went public in August 2020 and has a pending merger agreement with space launch company Astra.
Colicity plans to list on the Nasdaq under the symbol COLIU. Goldman Sachs and PJT Partners acted as lead managers on the deal.
