Tristar Acquisition I, a blank check company backed by Navigation Capital targeting a telecom and tech business, lowered the proposed deal size for its upcoming IPO on Friday.
The Atlanta, GA-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 consists of one share of common stock and one-half of a warrant, exercisable at $11.50. At the revised deal size, Tristar Acquisition I will raise -20% less in proceeds than previously anticipated.
The company is led by CEO and Chairman William Mounger II, the CEO of telecom and technology search firm Tristar Technologies. Navigation Capital co-founder and Managing Partner Robert Willis will serve as a Director. The company plans to target the telecommunications and technology sectors, focusing on businesses with a strong and experienced management team and a defensible market position, among other characteristics.
Tristar Acquisition I was founded in 2021 and plans to list on the NYSE under the symbol TRIS.U. Wells Fargo Securities is the sole bookrunner on the deal.
