Lakeview Acquisition, a blank check company formed by Transverse Insurance Group targeting the US insurance sector, lowered the proposed deal size for its upcoming IPO on Monday.
The Princeton, NJ-based company now plans to raise $175 million by offering 17.5 million units at $10. The company had previously filed to offer 25 million units at the same price. At the revised deal size, Lakeview Acquisition will raise -30% less in proceeds than previously anticipated. Each unit now consists of one share of common stock and one-half of a warrant, exercisable at $11.50. Each unit previously contained one-third of a warrant. The initial trust will now be overfunded at $10.15 per share. Atalaya Capital Management intends to purchase 9.9% of units in the offering.
The company is led by CEO and Chairman Jeffrey Hayman, who most recently served as a Director of Zurich Insurance Group (SIX: ZURN) and previously spent 15 years with AIG (NYSE: AIG), and CFO George Perrotta, who previously consulted for Transverse Insurance Group and is the former CFO of Liberty Surplus Insurance and Liberty International Underwriters.
Lakeview Acquisition was founded in 2021 and plans to list on the NYSE under the symbol LKVA.U. BTIG is the sole bookrunner on the deal.
