G Squared Ascend II, the second blank check company formed by G Squared targeting the tech sector, raised $125 million by offering 12.5 million units at $10, as expected.
Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50. The Chicago, IL-based company may raise an additional $50 million at the closing of an acquisition pursuant to a forward purchase agreement with sponsor G Squared, a San Francisco-based VC. The SPAC had originally filed in March with one-fifth warrants, before sweetening the terms to one-third warrants in early June.
The company is led by Chairman Larry Aschebrook, the founder and Managing Partner of venture fund manager G Squared. He is joined by CEO and Director Ward Davis, a Principal at G Squared, and CFO Tom Hoban, the COO of G Squared.
The firm's previous SPAC, G Squared Ascend I (GSQD.U; +1% from $10 offer price), raised $300 million in its February IPO.
G Squared Ascend II plans to focus on six technological mega-trends: Software-as-a Service, Online Marketplaces, Mobility 2.0/Logistics, FinTech/InsurTech, New Age Media, and Sustainability.
G Squared Ascend II plans to list on the NYSE under the symbol GSQB.U. UBS Investment Bank acted as sole bookrunner on the deal.
