Target Global Acquisition I, a blank check company formed by Target Global focusing on European and Israeli tech companies, lowered the proposed deal size for its upcoming IPO on Monday.
The Cayman Islands-based company now plans to raise $200 million by offering 20 million units at a price of $10. The company had previously filed to offer 25 million units at the same price. Each unit contains one share of common stock and one-third of a warrant, exercisable at $11.50. The company may raise an additional $50 million at the closing of an acquisition pursuant to two $25 million forward purchase agreements. At the revised deal size, Target Global Acquisition I will raise 20% less in proceeds than previously anticipated.
The company is led by CEO and Director Shmuel Chafets, the founder and Executive Chairman of Target Global, and CFO and Director Heiko Dimmerling, co-founder and CEO of Alina and CFO of Target Global. Target Global Acquisition I is focused on identifying European and Israeli technology companies that would benefit from management's expertise and create long-term value.
Target Global Acquisition I was founded in 2021 and plans to list on the Nasdaq under the symbol TGAAU. UBS Investment Bank and BofA Securities are the joint bookrunners on the deal.
