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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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Michael Andretti to Penske: “First of all, US$20 million isn’t going to do anything. You’ve got to have five times that number – at least.
Dic 6 2024 – The former head of sales for Andretti fake AI Zapata, sued them and Andretti claims that the company owes inventors $20,000,000, since Andretti SPAC 1 WNNR already sold the IP and assets to Andretti SPAC 2 POLEU for just $2M.
IEDC gave Andretti $20,000,000. Way to go Pistons:
“Defendant objects to this interrogatory on the grounds that it overly broad, unduly
burdensome, and irrelevant to the claims or defenses asserted in the Amended Complaint.
Subject to these objections, Zapata states that it has $300,000 and $22,000,0000 in debt. It
further states that it has $2,000,000 is due to secured creditors who will seize the patents and
code of the company. The remaining $20,000,000 goes towards unsecured creditors.”
When is Indiana shopping this massive greenwashing?
Sorry, I meant stopping, because shopping they had enough.
Go to the transparency portal and find how IEDC gives hundreds of millions of dollars in grants to Andretti and his sponsors: 9-12 LLC, Battery Innovation Center, Purdue Foundry, Indy Innovation 1 LLC, Browning Investments, La Porte Smart Technologies, Applied Research, Indiana Innovation Institute, Indiana 5G Zone, Indy Autonomous Challenge, Energy Systems Networks, Eclipse, Enerdel, long stpry short: many dbas for 3 people: Pittman, Roberts, Mitchell.
This has happened before
:http://advanceindiana.blogspot.com/2015/05/christine-scales-e-mail-to-council.html
Michael Andretti owes $22,000,000 because of the fake AI company he “created” copying DynamoEdge.
IEDC gave Andretti $20M
Andretti sponsored Chambers campaign
The money is GONE
Michael Andretti owes $22,000,000 because of the fake AI company he “created” copying DynamoEdge.
IEDC gave Andretti $20M
Andretti sponsored Chambers campaign
The money is GONE
BACKGROUND
On October 31, 2024, Plaintiff moved for leave to propound additional discovery requests
on Defendants pertaining to their financial information for two reasons: Defendant Savoie
represented to Defendant Flanagan (who then relayed this information to Plaintiff) that he had
put all of his assets in an irrevocable trust and was therefore judgment proof, and Defendant
Case 1:23-cv-13197-RGS Document 48 Filed 12/06/24 Page 1 of 17
2
Zapata shut down its operations and revealed it is somehow $22,000,000 in debt, and therefore
any eventual judgment in this case would be payable only by Flanagan, supposedly rendering her
bankrupt. On November 1, 2024, this Court granted Plaintiff’s request in part, issuing an order
that “Plaintiff may serve an additional three (3) interrogatories and three (3) document requests
on each of the three defendants targeted to financial situation.
”