Ex-Wipro CEO-led SPAC Compass Digital Acquisition Prices US$200 Million IPO
Special purpose acquisition company Compass Digital Acquisition Corp. (Nasdaq: CDAQU) started trading publicly on the Nasdaq Global Market today. The company is seeking to raise US$200 million in its initial public offering.
The offering consists of 20.0 million company units priced at US$10.00 per unit. Each unit is composed of one Class A share and one-third of a purchase warrant. Each whole warrant is redeemable for one Class A common share at US$11.50 per share.
The company units trade on the Nasdaq big board under the symbol “CDAQU”. Once the securities separate, the company shares and warrants will trade under the ticker symbols “CDAQ” and “CDAQW”, respectively.
The proposed offering is being managed by Citigroup Global Markets Inc. and J.P. Morgan Securities as the joint bookrunners. The underwriters were granted a 45-day over-allotment option to purchase additional 3.0 million company units at the same IPO price.
The blank check company is led by former IT firm Wipro CEO Abidali Neemuchwala serving as CEO while The Orogen CEO and former Citigroup CEO Vikram Pandit serves as a senior advisor. For its target business, the firm intends to focus on “technology-first IT and digital transformation software or services providers”.
Information for this briefing was found via Edgar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
