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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowAn Indianapolis-based “blank check” company involving former IndyCar driver Michael Andretti raised $230 million in an initial public offering, the company announced Monday.
Andretti Acquisition Corp. II closed the IPO after issuing 23 million units priced at $10 each. The offering including an optional over-allotment of 3 million units by the underwriter.
The company’s units began trading Friday on the Nasdaq market under the ticker symbol POLEU.
Each unit consists of one Class A ordinary share of the company and one-half of one redeemable warrant Each whole warrant entitles holders to purchase one Class A ordinary share of the company at an exercise price of $11.50 per share.
Eventually, the Class A ordinary shares and warrants are expected to be listed on Nasdaq under the symbols “POLE” and “POLEW,” respectively, the company said.
Andretti Acquisition Corp. II is a special purpose acquisition company (often called a blank-check company), or SPAC, formed with the intent of acquiring another company and taking it public. It was incorporated May 21.
The company’s management team is led by executive chairman William Sandbrook, who most recently served as the CEO of U.S. Concrete Inc.; CEO William Brown, former chief financial officer of Rocky Mountain Industrials; and racing greats Michael Andretti and Mario Andretti as special advisers.
The IPO was the second involving an Andretti-affiliated SPAC. The first, Andretti Acquisition Corp., became Zapata Computing Holdings Inc. in March after a merger valued with Boston-based Zapata Computing Inc.
McLaren Racing CEO Zak Brown has served as a board director for both SPACs.
BTIG LLC acted as sole book-running manager for the latest offering.
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