Atlantic Coastal Acquisition II, a blank check company targeting the next-generation mobility sector, filed on Thursday with the SEC to raise up to $250 million in an initial public offering.
The company plans to raise $250 million by offering 25 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. Cantor Fitzgerald intends to purchase up to $19 million worth of units in the offering (7.5% of the deal). At the proposed deal size, Atlantic Coastal Acquisition II would command a market value of $313 million.
The company is led by CEO and Chairman Shahraab Ahmad, the founder and former CIO of Decca Capital, and President and Director Burt Jordan, who previously worked at Ford for over two decades, most recently serving as VP of Global Purchasing Operations and Supply Chain Sustainability. The company plans to target the next-generation mobility sector, focusing on businesses with large markets, high growth, and ESG values, among other characteristics.
Management's previous SPAC, Atlantic Coastal Acquisition (ACAH; -1% from $10 offer price), went public in March 2021 and recently announced a merger agreement with 3D printing firm Essentium.
The New York, NY-based company was founded in 2021 plans to list on the Nasdaq under the symbol ACABU. Cantor Fitzgerald is the sole bookrunner on the deal.
