Learn CW Investment, a blank check company formed by Learn Capital and Commonwealth Asset Management targeting education, lowered the proposed deal size for its upcoming IPO on Friday.
The Los Angeles, CA-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 now consists of one share of common stock and one-half of a warrant, exercisable at $11.50. Each unit previously contained one-third of a warrant. Anchor investor SoftBank and certain sponsor members intend to purchase an aggregate $108 million worth of units in the offering (54% of the deal). At the revised deal size, Learn CW Investment will raise -20% less in proceeds than previously anticipated.
The company is led by CEO and Director Robert Hutter and COO Greg Mauro, co-founders and Managing Partners of education-focused venture firm Learn Capital, and President and Director Adam Fisher, the founder and CIO of Commonwealth Asset Management Holdings. The company plans to target the education, training, and education technology ("EdTech") industries.
Learn CW Investment was founded in 2021 and plans to list on the NYSE under the symbol LCW.U. Evercore ISI is the sole bookrunner on the deal.
