McLaren Technology Acquisition, a blank check company targeting FinTech and InsurTech, lowered the proposed deal size for its upcoming IPO on Wednesday.
The Irvine, CA-based company now plans to raise $175 million by offering 17.5 million units at $10. The company had previously filed to offer 20 million units at the same price. Each unit contains one share of common stock and one-half of a warrant, exercisable at $11.50. At the revised deal size, McLaren Technology Acquisition will raise -13% less in proceeds than previously anticipated.
McLaren Technology Acquisition is led by CEO and Chairman Sajan Pillai, General Partner of family office Season Two Ventures and former CEO of UST Global; President and Director John Vilina, General Partner of Season Two Ventures; and CFO Rajeev Nair, President of Techurate USA. The company aims to leverage management's experience to target banking, financial services, and insurance businesses using AI, machine learning, and technology with enterprise values between $600 million and $2 billion.
McLaren Technology Acquisition was founded in 2021 and plans to list on the Nasdaq under the symbol MLAIU. Mizuho Securities is the sole bookrunner on the deal.
