Perception Capital II, a blank check company formed by Perception Capital targeting industrial technology, lowered the proposed deal size for its upcoming IPO on Thursday.
The Wayzata, MN-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. At the revised deal size, Perception Capital II will raise -20% less in proceeds than previously anticipated.
The company is led by CEO and Director Rick Gaenzle, the co-founder and Managing Director of Gilbert Global Equity Capital, and Chairman Scott Honour, the co-founder and Managing Partner of Northern Pacific Group.
Perception Capital II intends to identify and acquire a technology-enabled company operating within one of the multiple sectors benefitting from secular tailwinds in Industrial Technology. This includes the Industrial Automation sector with businesses focused on: mobility and autonomous motion, automation components and systems, material handling solutions, robotics, additive manufacturing, Internet of Things and connectivity; as well as the Sustainability sector with businesses focused on: energy storage, advance battery technologies, the hydrogen economy, waste-to-energy, renewable energy, recycling, building energy management and technologies for clean food, water and air.
Perception Capital II was founded in 2021 and plans to list on the Nasdaq under the symbol PCCTU. Jefferies, Moelis & Company, and Nomura Securities are the joint bookrunners on the deal.
