Inflection Point Acquisition, a blank check company formed by Kingstown Capital targeting consumer and tech, raised $300 million by offering 30 million units at $10. Each unit will consist of one share of common stock and one-half of a warrant, exercisable at $11.50.
Certain anchor investors have indicated on up to $322 million worth of units in the IPO. The New York, NY-based SPAC may raise an additional $50 million pursuant to a forward purchase agreement with Kingstown Capital Partners.
The company is led by Executive Chair Paula Sutter, who was Operating Partner at TSG Consumer Partners and CEO of TSG Fashion from 2014 to 2017 and served as Global President of Diane von Furstenberg prior to that. She is joined by Co-CEOs and Directors Michael Blitzer and Guy Shanon, who serve as the Co-CIOs of Kingstown Capital Management.
Inflection Point Acquisition intends to focus on North American and European businesses in the consumer and technology sectors.
Inflection Point Acquisition plans to list on the Nasdaq under the symbol IPAXU. Citi acted as sole bookrunner on the deal.
