TCW Special Purpose Acquisition, a blank check company formed by TCW Group targeting the tech, healthcare, industrial, or consumer sectors, raised $450 million by offering 45 million units at $10. The company offered 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.
The company is led by CEO and Chairman Joseph Shaposhnik, who joined TCW Group in 2011 and established its New America business unit in 2015. Shaposhnik currently serves as Managing Director and Portfolio Manager of TCW New America Premier Equities, Global Premier ESG Equities, and Global Space Technology Equities portfolios. The company plans to target the technology, healthcare, industrial or consumer sectors, focusing on targets that have a business model consistent with New America's investment philosophies.
TCW Special Purpose Acquisition plans to list on the NYSE under the symbol TSPQ.U. The company had previously filed under the ticker NAPA.U. Citi and Barclays acted as lead managers on the deal.
