Waverley Capital Acquisition 1, a blank check company formed by Waverley Capital targeting media, technology, and entertainment, raised $200 million by offering 20 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 originally planned to offer 30 million units before lowering the offering earlier this month.
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 plans to list on the NYSE under the symbol WAVCU. Evercore ISI, and Morgan Stanley acted as joint bookrunners on the deal.
