EF Hutton Acquisition I, the second blank check company formed by EF Hutton executives targeting consumer and retail, filed on Friday with the SEC to raise up to $100 million in an initial public offering.
The company plans to raise $100 million by offering 10 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. At the proposed deal size, EF Hutton Acquisition I would command a market value of $129 million.
EF Hutton Acquisition I is led by Chairman and CEO Benjamin Piggott, a Managing Director at EF Hutton. He is joined by CFO Kevin Bush, Chief Strategy Officer at Fresh Dining Concepts and Managing Partner of Green Shoot Partners; co-President and Director Joseph Rallo, the CEO of EF Hutton; and co-President and Director David Boral, the President of EF Hutton. The company plans to pursue opportunities within the consumer and retail industry, focusing on businesses with an enterprise value in the range of $500 million to $1 billion.
Management's other SPAC, EF Hutton Acquisition (EFHTU), filed in November 2021.
The Hingham, MA-based company was founded in 2021 and plans to list on the Nasdaq but has not yet selected a ticker (RC ticker: EFHAU.RC). EF Hutton is the sole bookrunner on the deal.
