Chain Bridge I, a blank check company targeting technology that could translate to the national security arena, lowered the proposed deal size for its upcoming IPO on Friday.
The Burlingame, CA-based company now plans to raise $200 million by offering 20 million units at $10. The company had previously filed to offer 30 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, Chain Bridge I will raise -33% less in proceeds than previously anticipated.
The company is led by Chairman Christopher Darby, the CEO of independent strategic investment firm IQT, and CEO and Director Michael Rolnick, who serves as a Managing Member of Baileyana, a vehicle that invests in private technology companies. The company plans to target businesses possessing emerging, innovative technology that can help the US government and its allies successfully compete in the national security arena.
Chain Bridge I was founded in 2021 and plans to list on the Nasdaq under the symbol CBRGU. Cowen and Wells Fargo Securities are the joint bookrunners on the deal.
