Macondray Capital Acquisition I, a blank check company targeting software, data and technology, and TMT, filed on Monday with the SEC to raise up to $275 million in an initial public offering.
The Menlo Park, CA-based company plans to raise $275 million by offering 27.5 million units at $10. Each unit contains one share of common stock and one-third of a warrant, exercisable at $11.50. At the proposed deal size, Macondray Capital Acquisition I would command a market value of $344 million.
The company is led by co-CEO and Chairman Grady Burnett, the founder of venture capital fund Bow Capital Partners and previous executive of Facebook and Google, and co-CEO, CFO, and Director Lance Conn, who previously managed Vulcan Capital, the investment arm of Microsoft co-founder Paul Allen's family office, from 2004 to 2009. Macondray Capital Acquisition I plans to leverage management's experience to target software, data and technology, and TMT companies with enterprise values of around $1.5 billion.
The company was founded in 2021 and plans to list on the Nasdaq under the symbol DRAYU. Macondray Capital Acquisition I filed confidentially on April 7, 2021. B. Riley Securities is the sole bookrunner on the deal.
