Cascadia Acquisition, a blank check company formed by Cascadia Capital targeting "Industry 4.0", raised $150 million by offering 15 million units at $10 per unit. Each unit contains one share of common stock and one-half of a warrant, exercisable at $11.50.
Eight qualified institutional buyers and four institutional accredited investors (anchor investors) had each indicated on up to 9.9% and 4.9% of the deal, respectively, potentially covering the entire deal.
The company is led by Chairman Michael Butler, the co-founder and CEO of Seattle-based investment bank Cascadia Capital, and CEO and Director Jamie Boyd, a Managing Director and investment banker at Cascadia Capital. The company plans to target industry sectors that are being fundamentally reshaped by the introduction of advanced technologies, which it refers to as "Industry 4.0."
Cascadia Acquisition plans to list on the Nasdaq under the symbol CCAI.U. Cantor Fitzgerald acted as a lead manager on the deal.
