GSR II Meteora Acquisition, a blank check company backed by Meteora Capital targeting high-growth businesses, raised the proposed deal size for its upcoming IPO on Wednesday. The company originally filed in January as GLA II Meteora Acquisition.
The Boca Raton, FL-based company now plans to raise $275 million by offering 27.5 million units at $10. The company originally filed to offer 22 million units at the same price. Each unit now consists of one share of common stock, one-sixteenth of a right to receive one share of common stock at the closing of an initial business combination, and one warrant, exercisable at $11.50. Each unit previously contained one share of common stock, one-twentieth of a right, and one-half of a warrant. At the revised deal size, GSR II Meteora Acquisition will raise 25% more in proceeds than previously anticipated.
The company is led by co-CEO and Director Gus Garcia, the former Head of SPAC M&A for Bank of America; co-CEO and Director Lewis Silberman, the former Head of SPAC Equity Capital Markets for Oppenheimer & Co.; President and Director Anantha Ramamurti, a former Managing Director and Head of Global Mobility Group at Bank of America Securities; and CFO Joseph Tonnos, a Principal and Associate Portfolio Manager at Meteora Capital. Additionally, Silberman, Garcia, and Ramamurti are all co-founders and Partners of consulting and financial-advisory business SPAC Advisory Partners, LLC.
The three lead executives also hold director or officer positions at Graf Acquisition II (GTOO.U), III (GRAF.U), and IV (GFOR.U). Graf II and III are currently on file for US IPOs, while Graf IV went public in May 2021.
The SPAC plans to target high-growth businesses in the software, technology-enabled manufacturing and services, mobility, and transportation sectors, as well as those that help to address evolving environmental, social and governance (ESG) related issues.
GSR II Meteora Acquisition was founded in 2021 and plans to list on the Nasdaq under the symbol GSRM.U. Oppenheimer & Co. is the sole bookrunner on the deal.
