Schultze Special Purpose Acquisition II, the second blank check company formed by distressed debt investor George Schultze, lowered the proposed deal size for its upcoming IPO on Wednesday.
The Rye Brook, NY-based company now plans to raise $150 million by offering 15 million units at $10. The company had previously filed to offer 20 million units at the same price. Each unit now consists of one share of common stock and one-half of a warrant, exercisable $11.50. Each unit previously contained one-third of a warrant. Certain anchor investors intend to purchase $149 million worth of units in the offering (99% of the deal). At the revised deal size, Schultze Special Purpose Acquisition II will raise -25% less in proceeds than previously anticipated.
The company is led by CEO and Chairman George Schultze, the founder of Schultze Asset Management, an alternative investment manager focused on distressed securities and special situations. He is joined by CFO Jeffrey Glick, the CFO of Schultze Asset Management, and EVP and Director Gary Julien, the Managing Director of Acquisitions at Schultze Asset Management. Schultze Special Purpose Acquisition II intends to initially focus on companies that may be experiencing liquidity constraints, are financially stressed, or have experienced and emerged from a financial restructuring.
Schultze Special Purpose Acquisition II was founded in 2020 and plans to list on the Nasdaq under the symbol SAMAU. Stifel and Mizuho Securities are the joint bookrunners on the deal.
