Sandbridge X2, the second blank check company formed by Sandbridge Capital targeting a consumer business, raised $220 million by offering 22 million units at $10. The company offered 2 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 PIMCO private fund, a member of the sponsor, intends to purchase $20 million worth of units in the offering.
The company is led by CEO and Chairman Ken Suslow, a Founding Managing Partner of private equity firm Sandbridge Capital; COO Joe Lamastra, a Founding Managing Partner at Sandbridge Capital and CEO of T Capital Management; and CFO Richard Henry, a Principal at Sandbridge Capital. The company plans to target the consumer sector and consumer-related businesses, focusing on modern consumer brands, disruptive consumer-based technologies, beauty and personal care, luxury, and health and wellness.
Management's previous SPAC, Sandbridge Acquisition (SBG; +0% from $10 offer price), went public in September 2020 and recently announced a merger agreement with nursery ecosystem Owlet Baby Care.
Sandbridge X2 plans to list on the NYSE under the symbol SBII.U. Citi and Deutsche Bank acted as lead managers on the deal.
