Innovative International Acquisition, a blank check company formed by Mohan Ananda and the CEO of Frientap, raised $200 million by offering 20 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50.
The company is led by CEO and Chairman Mohan Ananda, who was the founding CEO of Stamps.com (Nasdaq: STMP) and also co-founded Envestnet (NYSE: ENV), and COO and Director Madan Menon, who currently serves as the CEO of Frientap.
The company plans to target the consumer technology, healthcare, information technology services, and enterprise SaaS.
The Dana Point, CA-based company plans to list on the Nasdaq under the symbol IOACU. Cantor Fitzgerald acted as sole bookrunner on the deal.
