McLaren Technology Acquisition, a blank check company targeting FinTech and InsurTech, raised $175 million by offering 17.5 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50.
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 plans to list on the Nasdaq under the symbol MLAIU. Mizuho Securities acted as sole bookrunner on the deal.
