Springwater Special Situations, a blank check company led by the founder of Springwater Capital, filed on Wednesday with the SEC to raise up to $150 million in an initial public offering.
The New York, NY-based company plans to raise $150 million by offering 15 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. Atalaya Capital Management intends to purchase up to 9.9% of units in the offering. At the proposed deal size, Springwater Special Situations would command a market value of $194 million.
The company is led by CEO and Director Martin Gruschka, founder and Managing Partner of Springwater Capital, a leading player in the special situations investment segment. He is joined by CFO and Director Ignacio Casanova, an Investment Director at Springwater. The company plans to target industries that its management team has significant experience with, including media, engineering construction, food and beverages, aerospace, software solutions, hospitality, and environmental services, among others.
Springwater Special Situations was founded in 2020 and plans to list on the Nasdaq under the symbol SWSSU. EarlyBirdCapital is the sole bookrunner on the deal.
