Excolere Acquisition, a blank-cheque company targeting the education and human capital management industries, filed on Wednesday with the US Securities and Exchange Commission to raise up to $200 million in an initial public offering.
The Los Angeles-based special purpose acquisition company plans to raise $200 million by offering 20 million units at $10. Each unit will consist of one share of common stock and one-half of a warrant, exercisable at $11.50. At the proposed deal size, Excolere Acquisition will command a market value of $250 million.
The company is led by chairman and chief executive Anthony Miller, who is a co-founder and managing partner at Excolere Equity Partners.
He is joined by chief finance officer Jeffrey Glick, who founded consulting firm Start U Up in 2011 and is currently its president, and chief operating officer Peter Davis, who co-founded Excolere Equity Partners in 2019 alongside Miller and is an advisor to Avathon Capital and Platform Ventures.
Excolere Acquisition intends to target North American companies with aggregate enterprise values of $500 million to $2.5 billion.
Excolere Acquisition was founded this year and plans to list on the Nasdaq. UBS Investment Bank is the sole bookrunner on the deal.
Earlier this month, it was revealed that ed tech company Nerdy would go public via a $1.7 billion reverse merger with a SPAC.
To read our deep dive into the growing influence of SPACs in the education sector, click here.
Date published: 12 February 2021