bleuacacia, a blank check company targeting businesses that engage with millennial and Gen-Z consumers, raised $240 million by offering 24 million units at $10. The company offered 4 million more units than anticipated. It originally planned to offer 30 million units before lowering the offering in October. Each unit consists of one share of common stock, one right to receive one-sixteenth of a share upon the completion of an initial business combination, and one-half of a warrant, exercisable at $11.50.
The company is led by Co-CEO and Co-Chairman Jide Zeitlin, the former CEO and Chairman of luxury global retailer Tapestry (NYSE: TPR), and Co-CEO and Co-Chairman Lew Frankfort, the former CEO and Chairman of Coach, the predecessor to Tapestry. The company aims to leverage management's experience to target businesses and brands with powerful emotional engagement with Millennial and Gen-Z consumers.
bleuacacia plans to list on the Nasdaq under the symbol BLEUU. Credit Suisse and Citi acted as joint bookrunners on the deal.
