Atlantic Coastal Acquisition II, a blank check company targeting the next-generation mobility sector, raised $261 million by offering 26.1 million units at $10. The company offered 1.1 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 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), has a pending merger agreement with 3D printing firm Essentium.
Atlantic Coastal Acquisition II plans to list on the Nasdaq under the symbol ACABU. Cantor Fitzgerald acted as sole bookrunner on the deal.
