Macondray Capital Acquisition I, a blank check company targeting the software, data and technology, and TMT sectors, lowered the proposed deal size for its upcoming IPO on Monday.
The Menlo Park, CA-based company now plans to raise $250 million by offering 25 million units at $10 per unit. The company had previously filed to offer 27.5 million units at the same price. Each unit contains one share of common stock and one-third of a warrant, exercisable at $11.50. At the revised deal size, Macondray Capital Acquisition I will raise 9% less in proceeds than previously anticipated.
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 TMT companies with enterprise values of approximately $1.5 billion.
Macondray Capital Acquisition I was founded in 2021 and plans to list on the Nasdaq under the symbol DRAYU. B. Riley Securities is the sole bookrunner on the deal.
