Chain Bridge I, a blank check company targeting technology that could translate to the national security arena, filed on Friday with the SEC to raise up to $300 million in an initial public offering.
The Burlingame, CA-based company plans to raise $300 million by offering 30 million units at $10. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50. At the proposed deal size, Chain Bridge I would command a market value of $386 million.
The company is led by Chairman Christopher Darby, the CEO of independent strategic investment firm IQT, and CEO Michael Rolnick, who serves as a Managing Member of Baileyana, a vehicle that invests in private technology companies. The company plans to target businesses possessing emerging, innovative technology that can help the US government and its allies successfully compete in the national security arena.
Chain Bridge I was founded in 2021 and plans to list on the Nasdaq under the symbol CBRGU. Cowen and Wells Fargo Securities are the joint bookrunners on the deal.
