Chain Bridge I, a blank check company targeting technology that could translate to the national security arena, 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 may raise an additional $40 million at the closing of an acquisition pursuant to a forward purchase agreement with Franklin Templeton.
The company is led by Chairman Christopher Darby, the CEO of independent strategic investment firm IQT, and CEO and Director Michael Rolnick, who serves as a Managing Member of Baileyana, a vehicle that invests in private technology companies. The company plans to target businesses possessing emerging, innovative technology that can help the US government and its allies successfully compete in the national security arena.
Chain Bridge I plans to list on the Nasdaq under the symbol CBRGU. Cowen and Wells Fargo Securities acted as joint bookrunners on the deal.
