Bilander Acquisition, a blank check company formed by True Wind Capital targeting the tech sector, raised $150 million by offering 15 million units at $10.
Each unit consists of one share of common stock and one-fourth of a warrant, exercisable at $11.50. The company may raise an additional $50 million at the closing of an acquisition pursuant to forward purchase agreements with several institutional investors.
The company is led by CEO Scott Wagner, Head of Strategic Capital for True Wind and head of the firm's SPAC franchise, and Chairman James Greene Jr., a founding partner and member of the investment committee at True Wind Capital. The SPAC plans to target private, high-growth, and high-quality technology businesses, specifically those with overall transaction values between $750 million and $2.5 billion.
True Wind Capital's other SPACs include Galliot Acquisition (TWCGU), which is on file to raise $250 million; Nebula Caravel Acquisition (NEBC; common shares -0.2% from $10 offer price), which is pending a merger with dog walking platform Rover; TWC Tech Holdings II (TWCT; -0.3%), which is pending a merger with digital forensics firm Cellebrite; and Nebula Acquisition, which completed its combination with Open Lending (LPRO; +299%) in June 2020.
Unlike most SPACs, sponsor True Wind Capital will receive a promote of up to 25% upon certain post-merger price triggers at $12.00, $15.00, and $18.00.
Bilander Acquisition plans to list on the Nasdaq under the symbol TWCBU. Morgan Stanley, Deutsche Bank, and Evercore ISI acted as joint bookrunners on the deal.
