Macondray Capital Acquisition I, a blank check company targeting the software, data and technology, and TMT sectors, raised $250 million by offering 25 million units at $10. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50.
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 plans to list on the Nasdaq under the symbol DRAYU. B. Riley Securities acted as sole bookrunner on the deal.
