Former Tapestry CEOs-Led Consumer SPAC Acacia Blue Prices US$240 Million IPO
Special purpose acquisition company Bleuacacia (Nasdaq: BLEUU), also referred to as Acacia Blue, started trading publicly on the Nasdaq Global Market today. The company is seeking to raise US$240 million in its initial public offering.
The offering consists of 24.0 million company units priced at US$10.00 per unit. Each unit is composed of one Class A common share, one-half of a purchase warrant, and one-sixteenth of a right. Each whole warrant is redeemable for one Class A common share at US$11.50 per share while each whole right equates to one Class A common share.
The company units trade on the Nasdaq big board under the symbol “BLEUU”. Once the securities separate, the company shares, warrants, and warrants will trade under the ticker symbols “BLEU”, “BLEUR”, and “BLEUW”, respectively.
The proposed offering is being managed by Credit Suisse and Citigroup as the joint bookrunners. The underwriters were granted a 45-day over-allotment option to purchase additional 3.6 million company units at the same IPO price.
The blank check company is led by co-CEOs and co-chairmen Lewis Frankfort and Jide Zeitlin, two former CEOs of luxury fashion firm Tapestry, which manages the Coach, Kate Spade, and Stuart Weitzman brands. Frankfort served as the chief officer of the company from 1995 until 2014 back when it was still named Coach, Inc. On the other hand, Zeitlin took over as the chairman but served as the CEO for less than a year after resigning in July 2020 due to alleged personal misconduct.
The firm relayed that it “intends to identify and complete a business transaction in the consumer and retail sectors”.
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.