Focus Impact Acquisition, a blank check company led by Wes Moore targeting a high-growth "social-forward" business, lowered the proposed deal size for its upcoming IPO on Tuesday.
The New York, NY-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 consists of one share of common stock and one-half of a warrant, exercisable at $11.50. At the revised deal size, Focus Impact Acquisition will raise -20% less in proceeds than previously anticipated.
Focus Impact Acquisition is led by Chairman Westley Moore, the former CEO of Robin Hood Foundation, one of the nation's largest anti-poverty focused charities, and CEO Carl Stanton, former Managing Partner and Head of Private Equity for Invesco Private Capital. The SPAC plans to target high-growth "Social-Forward Companies," which it defines as businesses that are meaningfully aligned with one or more of four UN SDGs: Good Health and Well-being; Quality Education; Decent Work and Economic Growth; and Reduced Inequality.
Focus Impact Acquisition was founded in 2021 and plans to list on the Nasdaq under the symbol FIACU. Citi and Goldman Sachs are the joint bookrunners on the deal.
