True Wind Capital-Backed SPAC Bilander Acquisition Aims For US$150 Million IPO
Special purpose acquisition company Bilander Acquisition Corp. (NASDAQ: TWCBU) started listing its units on the Nasdaq Capital Market today under the symbol “TWCBU”. The firm is looking to raise US$150.0 million through its initial public offering.
The offering consists of 15.0 million units priced at US$10.00 per unit. Each unit is composed of one common share and one-fourth of a purchase warrant. Each whole warrant is redeemable for one common share at US$11.50 per share. Once the securities separate, the company shares and warrants will trade under the ticker symbols “TWCB” and “TWCBW”, respectively.
Related to the offering, the company has also entered into purchase agreements with accredited investors who will purchase at least 5.0 million common shares at US$10.00 per share for additional aggregate proceeds of US$50.0 million. These purchases will be conducted via private placement concurrent with Bilander’s initial business acquisition.
The company’s proposed offering is expected to close on July 20, 2021, subject to customary closing conditions.
Morgan Stanley & Co., Deutsche Bank Securities, and Evercore Group manage the offering as underwriters, which the company granted a 45-day over-allotment option to purchase additional 2.25 million company units.
Bilander is sponsored by San Francisco-based private equity firm True Wind Capital. True Wind Capital Head of Strategic Capital Scott Wagner and founding partner James Greene, Jr. will serve as the blank check company’s CEO and Chairman, respectively.
Information for this briefing was found via Sedar and Bilander. 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.