Andretti Acquisition, a blank check company co-led by racing driver Michael Andretti targeting the automotive industry, filed on Tuesday with the SEC to raise up to $250 million in an initial public offering.
The Indianapolis, IN-based company plans to raise $250 million by offering 25 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. At the proposed deal size, Andretti Acquisition would command a market value of $313 million.
The company is led by Co-CEO and Chairman William Sandbrook, who most recently served as the CEO and Chairman of US Concrete, and Co-CEO and Director Michael Andretti, a world-renowned racecar driver that has won more Champ Car World Series races than any other driver in its history. Andretti's father and fellow racing legend Mario Andretti will serve as a special advisor. The company plans to target the automotive industry, including advanced mobility and related next-generation technologies, premium and performance vehicles, and replacement automotive parts.
Andretti Acquisition was founded in 2021 and plans to list on the NYSE under the symbol WNNR.U. The company filed confidentially on February 12, 2021. RBC Capital Markets is the sole bookrunner on the deal.
