Bridgetown 3 Holdings, the third blank check company formed by Pacific Century and Thiel Capital targeting new economy sectors in Southeast Asia, lowered the proposed deal size for its upcoming IPO on Friday and added warrants to the offering.
The Hong Kong, China-based company now plans to raise $200 million by offering 20 million units at $10, with each unit containing one share of common stock, and one-half of a warrant, exercisable at $11.50. The SPAC originally filed in May 2021 to offer 26 million common shares at $10. At the revised deal size, Bridgetown 3 Holdings will raise -23% less in proceeds than previously anticipated and command a market value of $250 million.
The company is led by CEO, CFO, and Director Daniel Wong, who serves as SVP of Pacific Century Group, Chairman Matt Danzeisen, who is Head of Private Investments at Thiel Capital, an investment firm founded by his husband Peter Thiel, and President Jacqueline Thong, who serves as Assistant VP of Corporate Finance at Pacific Century. The company plans on targeting a company in Southeast Asia with operations or prospective operations in the technology, financial services, or media sectors.
The team's first SPAC, Bridgetown Holdings (BTWNU; +0% from $10 IPO price), raised $550 million in October 2020 and has not selected a target. The team's second SPAC, Bridgetown 2 Holdings (BTNB; -1%), raised $260 million in January 2021 and announced a pending merger with online real estate firm PropertyGuru in July 2021.
The company was founded in 2021 and plans to list on the NYSE under the symbol BTNC.U. Bridgetown 3 Holdings filed confidentially on March 2, 2021. Citi and BTIG are the joint bookrunners on the deal.
