ShoulderUP Technology Acquisition, a blank check company led by industry veterans targeting tech and cybersecurity, raised $265 million by offering 26.5 million units at $10. The company offered 1.5 million more units than anticipated. 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 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 plans to list on the NYSE under the symbol SUAC.U. Citi acted as sole bookrunner on the deal.
