Jaws Juggernaut Acquisition, a blank check company formed by Barry Sternlicht and the founders of XCOM Labs, raised $240 million by offering 24 million units at $10. The company offered 4 million more units than anticipated. Each unit consists of one share of common stock and one-fourth of a warrant, exercisable at $11.50.
The company is led by Chairman Barry Sternlicht, the founder and CEO of Starwood Capital and Starwood Property Trust (NYSE: STWD), and CEO and Director Paul Jacobs, co-founder and CEO of wireless technology company XCOM Labs. XCOM co-founder and Executive Vice Chairman Derek Aberle serves as a Director.
Jaws Juggernaut Acquisition plans to target wireless communications and related technology/product/service businesses that have attractive growth-oriented characteristics and strong underlying demand drivers. The company may consider merging with XCOM Labs concurrently with its initial business combination, but will not complete a combination with only XCOM Labs.
Jaws Juggernaut Acquisition plans to list on the Nasdaq under the symbol JUGGU. Credit Suisse acted as sole bookrunner on the deal.
