Trine II Acquisition, the second SPAC led by Leo Hindery targeting the TMT industries, lowered the proposed deal size for its upcoming IPO on Wednesday.
The New York, NY-based company now plans to raise $300 million by offering 30 million units at $10. The company had previously filed to offer 42.5 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-fourth of a warrant. At the revised deal size, Trine II Acquisition will raise -29% less in proceeds than previously anticipated.
The company is led by Chairman Leo Hindery Jr., who founded InterMedia Partners in 1988 and currently serves as Managing Partner, and CEO and Director Pierre Henry, who previously was VP of Corporate Development & Investor Relations at InterMedia Partners-backed Hemisphere Media Group. Trine II Acquisition's focus is centered on partnering with innovative and disruptive TMT companies based in North America and Europe.
Trine II Acquisition was founded in 2021 and plans to list on the NYSE under the symbol TRAQ.U. Morgan Stanley is the sole bookrunner on the deal.
