MCAP Acquisition, a blank check company formed by Monroe Capital targeting technology, raised $275 million by offering 27.5 million units at $10. The company offered 2.5 million more units than anticipated. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50. Certain sponsor members had indicated on 4.1 million units in the offering, and also have a $21 million forward purchase agreement with the company.
The company is led by CEO and Chairman Theodore Koenig, who has been the CEO and Chairman of Monroe Capital Corporation (Nasdaq: MRCC) since 2011. He is joined by Co-President Zia Uddin, who is a Partner at Monroe Capital; Co-President Mark Solovy, who serves as a Managing Director and Co-Head of the Technology Finance Group at Monroe Capital; and CFO Scott Marienau, who is the CFO of Monroe Capital's management company. MCAP Acquisition intends to capitalize on management’s differentiated ability to source, acquire, and manage software, technology-enabled, and business services companies.
MCAP Acquisition plans to list on the Nasdaq under the symbol MACQU. Cowen acted as a lead manager on the deal.
