Compass Digital Acquisition, a blank check company led by the former CEO of Wipro targeting the tech sector, raised $200 million by offering 20 million units at $10. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50. Members of the sponsor had indicated on 98% of units in the offering.
The company is led by CEO and Chairman Abidali Neemuchwala, a co-founder and Director of Dallas Venture Capital and the former CEO of global IT services firm Wipro (NYSE: WIT). The company plans to target the technology sector, including the technology led digital transformation software and services sector.
Compass Digital Acquisition plans to list on the Nasdaq under the symbol CDAQU. Citi and J.P. Morgan acted as joint bookrunners on the deal.
