SPAC: Och-Ziff founder’s Ajax I prices $750 million IPO at $10

Ajax I, a blank check company formed by Och-Ziff’s Daniel Och and MSD Capital’s Glenn Fuhrman, raised $750 million by offering 75 million units at $10, as expected. Each unit consists of one share of common stock and one-quarter of a warrant, exercisable at $11.50.

is implementing a different economic structure than most SPACs by reducing its sponsor’s promote to 10%, which it believes will create a competitive advantage in executing a deal.

The company is led be CEO and Director Daniel Och, founder and former CEO of Och-Ziff Capital Management (now Sculptor Capital Management) and former Co-Head of US Equities Trading at Goldman Sachs, and President and Director Glenn Fuhrman, co-founder and former Co-Managing Partner at MSD Capital. The board is comprised of , co-founder and former CEO of Instagram; , co-founder and CEO of 23andme; Square co-founder Jim McKelvey; and Steve Ells, founder and former CEO of Chipotle.

plans to target the internet, software, fintech, and consumer industries, focusing on companies with defensible business models, large and growing end markets, and superior unit economics.

plans to list on the under the symbol AJAX.U. Goldman Sachs, Citi and J.P. Morgan acted as joint bookrunners on the deal.

Source: Renaissance Capital – SPAC: Och-Ziff founder’s Ajax I prices $750 million IPO at $10