Ackrell SPAC Partners I, a blank check company targeting a branded fast-moving consumer goods business, filed on Tuesday with the SEC to raise up to $100 million in an initial public offering.
The Claymont, DE-based company plans to raise $100 million by offering 10 million units at $10. Each unit contains one subunit and one-half of a warrant, exercisable at $11.50. Each subunit contains one share of common stock and one-half of a warrant. At the proposed deal size, Ackrell SPAC Partners I would command a market value of $133 million.
The company is led by Chairman Michael Ackrell, founder and CEO of Ackrell Capital; Vice Chairman Shannon Soqui, co-founder and CEO of Next Frontier Brands; CEO nominee Jason Roth, co-founder and Chief Strategy Officer of Next Frontier Brands; and COO nominee Stephen Cannon, who serves as President of Everest Partners and has experience from several other SPACs.
Ackrell SPAC Partners I plans to target a branded fast-moving consumer goods business, primarily focusing on the alcoholic and non-alcoholic beverage and wellness sectors, as well as hemp-based branded consumer goods.
Ackrell SPAC Partners I was founded in 2018 and plans to list on the Nasdaq under the symbol ACKIU. The company filed confidentially on October 17, 2019. EarlyBirdCapital is the sole bookrunner on the deal.
Source: Renaissance Capital- Ackrell SPAC Partners I, a SPAC targeting branded consumer goods, files for a $100 million IPO