Ocelot Acquisition I, a blank check company backed by Ocelot Capital focused on e-commerce, transportation, and logistics, lowered the proposed deal size for its upcoming IPO on Wednesday.
The Austin, TX-based company now plans to raise $200 million by offering 20 million units at a price of $10. The company had previously filed to offer 25 million units at the same price. Each unit still consists of one share of common stock and one-half of a warrant, exercisable at $11.50. At the revised deal size, Ocelot Acquisition I will raise -20% less in proceeds than previously anticipated.
The company is led by CEO and Director Richard Metzler, who currently serves as the CEO of network-based parcel delivery and carrier Lone Star Overnight, and CFO and Chairman Andrew Townsend, the founder and Managing Member of Ocelot Capital Management. The company plans to leverage its management team’s experience and target the e-commerce, transportation and logistics, and logistics technology industries.
Source: Renaissance Capital – E-commerce and logistics SPAC Ocelot Acquisition I lowers deal size by 20% ahead of $200 million IPO