Jupiter Acquisition, a blank check company formed by SPAC veteran James Hauslein targeting the consumer sector, lowered the proposed deal size for its upcoming IPO on Monday.
The Hobe Sound, FL-based company now plans to raise $150 million by offering 15 million units at $10. The company had previously filed to offer 20 million units at the same price. Each unit still consists of one share and one-half of a warrant, exercisable at $11.50. Certain investors intend to purchase $134 million worth of units in the offering (89% of the deal), and the company may raise an additional $400 million at the closing of an acquisition pursuant to a forward purchase agreement with Nomura. At the revised deal size, Jupiter Acquisition will raise -25% less in proceeds than previously anticipated.
The company is led by CEO, CFO, and Chairman James Hauslein, the President and Managing Director of Hauslein & Company. Hauslein previously served as the CEO of SPAC Atlas Acquisition (2008 IPO; liquidated). The company plans to leverage management's experience to target the consumer industry, focusing on businesses with a substantial portion of activities in North America or Europe.
Jupiter Acquisition was founded in 2020 and plans to list on the Nasdaq under the symbol JAQCU. Nomura Securities, Brookline Capital Markets, and Ladenburg Thalmann are the joint bookrunners on the deal.
