G Squared Ascend II, the second blank check company formed by G Squared targeting the tech sector, filed on Friday with the SEC to raise up to $125 million in an initial public offering.
The Chicago, IL-based company plans to raise $125 million by offering 12.5 million units at $10. Each unit consists of one share of common stock and one-fifth of a warrant, exercisable at $11.50. The company may raise an additional $50 million at the closing of an acquisition pursuant to a forward purchase agreement with the sponsor. At the proposed deal size, G Squared Ascend II would command a market value of $156 million.
The company is led by Chairman Larry Aschebrook, the founder and Managing Partner of venture fund manager G Squared. He is joined by CEO and Director Ward Davis, a Principal at G Squared, and CFO Tom Hoban, the COO of G Squared. The firm's previous SPAC, G Squared Ascend I (GSQD.U; +9% from $10 offer price), went public last month. G Squared Ascend II plans to focus on six technological mega-trends: Software-as-a Service, Online Marketplaces, Mobility 2.0/Logistics, FinTech/InsurTech, New Age Media, and Sustainability.
G Squared Ascend II was founded in 2021 and plans to list on the NYSE. It has not selected a symbol yet (RC ticker: GSIIU.RC). UBS Investment Bank is the sole bookrunner on the deal.
