Stillwater Growth I, a blank check company targeting tech businesses with large addressable markets, lowered the proposed deal size for its upcoming IPO on Tuesday.
The Burlingame, CA-based company now plans to raise $200 million by offering 20 million units at $10. The company originally filed in April 2021 to offer 30 million units at the same price. At the revised deal size, Stillwater Growth I will raise -33% less in proceeds than previously anticipated. Each unit still consists of one share of common stock and one-third of a warrant, exercisable at $11.50.
The company is led by Chairman George Still Jr., the founder and manager of Still Capital Partners, and CEO Mark Bradley, a founding partner of DBO Partners. The company plans to target high-quality, growing businesses in the technology industry with large total addressable markets.
Stillwater Growth I was founded in 2021 and plans to list on the Nasdaq under the symbol SWGCU. BofA Securities is the sole bookrunner on the deal.
