SOAR Technology Acquisition, a blank check company led by travel entrepreneur Joe Poulin targeting tech-enabled businesses, lowered the proposed deal size for its upcoming IPO on Thursday.
The New York, NY-based company now plans to raise $200 million by offering 20 million units at $10. The company had previously filed to offer 25 million units at the same price. Each unit still consists of one share of common stock and one-third of a warrant, exercisable at $11.50. At the revised deal size, SOAR Technology Acquisition will raise -20% less in proceeds than previously anticipated.
The company is led by CEO and Chairman Joe Poulin, the founder and Managing Partner of family office JPK Capital Management and the former VP of Airbnb's global luxury business. He is joined by CFO Vicky Bathija, who has worked at JPK Capital since 2020 and previously served as Head of Hospitality for Airbnb's luxury division.
Soar Technology Acquisition intends to target a tech-enabled, scalable growth company that benefits from secular tailwinds, has a competitive market position, attractive unit economics, and a proven management team.
SOAR Technology Acquisition was founded in 2021 and plans to list on the NYSE under the symbol FLYA.U. J.P. Morgan, RBC Capital Markets, and BTIG are the joint bookrunners on the deal.
