Special purpose acquisition company Prime Impact Acquisition I has filed a registration document with the US Securities and Exchange Commission to launch an initial public offering (IPO) on the New York Stock Exchange.
The blank check group, which plans to list under the symbol PIAI.U, is offering 30.00 million units at USD 10.00 apiece to raise total proceeds of USD 300.00 million.
California-based Prime Impact is hoping to fetch a valuation of USD 375.00 million from the listing, which comprises one common stock and one-third of a redeemable warrant, exercisable at USD 11.50, for each item purchased.
The company is led by co-chief executives Michael Cordano, the former president and operations chief of Western Digital, and Mark Long, who was once president of WD Capital at Western Digital.
Prime Impact plans to focus on acquiring a company in the data-centric technology field that can capitalise on the growing use and value of data.
Goldman Sachs and BofA Securities have been hired to underwrite the flotation and have been granted a 45-day green shoe option to purchase an additional 4.50 million units.
In addition, the group’s sponsor, Prime Impact Cayman, has agreed to pick up 5.40 million warrants at a price of USD 1.50 apiece via a private placement to occur concurrently with the closing of this offering for an aggregate price of USD 8.10 million.
According to an industry source, cited in the S-1 filing, the annual volume of data created worldwide from mobile devices, cloud computing, Internet-of-Things and other technology sources – where the group is targeting – is expected to grow at a compound annual rate of over 28.0 per cent between 2019 and 2025.
In the next five years, digitisation and new technologies could add up to USD 33,000 billion in economic impact globally.
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