Houston VC leaders announce SPAC with $175M IPO
A blank check company has hit the Nasdaq today with a $175 million initial public offering.
Mercury Ecommerce Acquisition Corp. announced its IPO of 17,500,000 units at a price of $10 per unit to be listed on The Nasdaq Capital Market with the ticker symbol "MEACU" beginning today,
The company is led by Chairman Blair Garrou, managing director of Mercury Fund, and President and CEO Andrew White, a limited partner of Mercury Fund and president of Sweat Equity Partners.
According to a press release from the SPAC, the company was "formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses or entities."
"While the company may pursue an investment opportunity in any business or industry, it intends to focus its search for a target business or businesses in the e-commerce technology and tech-enabled services industry in North America," reads the release.
A close is expected by the company on July 30, subject to customary closing conditions. Needham & Company is managing the offering.