ShoulderUP Technology Acquisition, a blank check company led by industry veterans targeting tech and cybersecurity, filed on Tuesday with the SEC to raise up to $250 million in an initial public offering.
The Kennesaw, GA-based company plans to raise $250 million by offering 25 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. At the proposed deal size, ShoulderUP Technology Acquisition would command a market value of $348 million.
The company is led by CEO and Director Phyllis Newhouse, the founder of nonprofit ShoulderUp and founder and CEO of cybersecurity firm XtremeSolutions, and Chairman Vincent Stewart, the Chief Innovation and Business Intelligence Officer of Ankura and former Lieutenant General in the US Marine Corps who also served as Deputy Director at US Cyber Command. The company plans to leverage management's experience and target businesses in technology and cybersecurity.
ShoulderUP Technology Acquisition was founded in 2021 and plans to list on the NYSE under the symbol SUAC.U. The company filed confidentially on October 1, 2021. Citi is the sole bookrunner on the deal.
