NightDragon Acquisition, a blank check company formed by NightDragon targeting the cybersecurity, safety, security, and privacy sector, raised $300 million by offering 30 million Stakeholder-Centered Aligned Listed Equity (SCALE) units at $10. Each SCALE unit consists of one share of common stock and one-fifth of a warrant, exercisable at $11.50.
With the company's SCALE structure, the sponsor will earn its promote based on certain triggering events, one of which will occur upon the consummation of the initial business combination, and three of which will be based on shares trading at $12.00, $15.00, and $20.00 for 20 trading days within a 30-trading day period following the initial business combination.
The company is led by Chairman David DeWalt, the founder and Managing Director of venture firm NightDragon and the former CEO of FireEye (Nasdaq: FEYE) and McAfee (MCFE); Vice Chairman Mark Garrett, who most recently served as the CFO of Adobe (Nasdaq: ADBE); and CEO Morgan Kyauk, who currently serves as a Partner at NightDragon. The company plans to target the cybersecurity, safety, security, and privacy (CSSP) sector.
NightDragon Acquisition plans to list on the Nasdaq under the symbol NDACU. Morgan Stanley acted as a lead manager on the deal.
