Compass Digital Acquisition, a blank check company led by the former CEO of Wipro targeting the tech sector, filed on Tuesday with the SEC to raise up to $200 million.
The Dallas, TX-based company plans to raise $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. Members of the sponsor intend to purchase 89.1% of units in the offering. At the proposed deal size, Compass Digital Acquisition would command a market value of $250 million.
The company is led by CEO and Chairman Abidali Neemuchwala, a co-founder and Director of Dallas Venture Capital and the former CEO of global IT services firm Wipro (NYSE: WIT). The company plans to target the technology sector, including the technology led digital transformation software and services sector.
Compass Digital Acquisition was founded in 2021 and plans to list on the Nasdaq under the symbol CDAQU. The company filed confidentially on April 2, 2021. Citi and J.P. Morgan are the joint bookrunners on the deal.
