Good Works II Acquisition, a blank check company targeting high-growth businesses, filed on Thursday with the SEC to raise up to $200 million in an initial public offering.
The Houston, TX-based company plans to raise $200 million by offering 20 million units at $10. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50. At the proposed deal size, Good Works II Acquisition would command a market value of $254 million.
The company is led by Chairman Fred Zeidman, the Chairman of complex financial matter-focused investment bank Gordian Group and former Restructuring Officer of TransMeridian Exploration; CEO and Director Douglas Wurth, the former CEO of Alternative Investments for J.P. Morgan Asset Management; and CFO, President, and Director Cary Grossman, the co-founder and Managing Director of Shoreline Capital Advisors, an investment banking firm focused on financial advisory services and middle market corporate finance transactions. Management’s previous SPAC (GWAC; +9% from $10 offer price) has a pending merger agreement with bitcoin mining company Cipher Mining.
Good Works II Acquisition plans to target high-growth companies that need significant capital because of disruptions related to COVID-19 and the resulting structural changes occurring in some industries as a result, or other high-quality businesses experiencing high-growth, including those as a result of recent advances in technology and increases in digitization and automaton in business and life in general.