Target Global Acquisition I, a blank check company formed by Target Global focusing on European and Israeli tech companies, filed on Monday with the SEC to raise up to $250 million in an initial public offering.
The Grand Cayman, Cayman Islands-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. The company may raise an additional $50 million pursuant to two $25 million forward purchase agreements that will close concurrently with the initial business combination. At the proposed deal size, Target Global Acquisition I will command a market value of $313 million.
The company is led by CEO and Director Shmuel Chafets who has served as a General Partner and Vice Chairman at Target Global since 2015, and CFO and Director Heiko Dimmerling, who currently serves as CEO of Lina and CFO at Target Global. Target Global Acquisition I is focused on identifying European and Israeli technology companies that would benefit from management's expertise and create long-term value.
Target Global Acquisition I was founded in 2021 and plans to list on the Nasdaq under the symbol TGAAU. Credit Suisse is the sole bookrunner on the deal.
