Waverley Capital Acquisition 1, a blank check company formed by Waverley Capital targeting media, technology, and entertainment, lowered the proposed deal size for its upcoming IPO on Monday.
The Palo Alto, CA-based company now plans to raise $200 million by offering 20 million units at $10. The company had previously filed to offer 30 million units at the same price. Each unit now consists of one share of common stock and one-third of a warrant, exercisable at $11.50. Units previously contained one-fourth of a warrant. At the revised deal size, Waverley Capital Acquisition 1 will raise -33% less in proceeds than previously anticipated.
The company is led by Chairman Edgar Bronfman Jr. and CEO and Director Daniel Leff, the co-founders of venture firm Waverley Capital, where they serve as General Partner and Managing Partner, respectively. The company plans to leverage its management team's experience and target businesses focused on media, technology, or entertainment.
Waverley Capital Acquisition 1 was founded in 2021 and plans to list on the NYSE under the symbol WAVCU. Evercore ISI and Morgan Stanley are the joint bookrunners on the deal.
