Danneskjold and Galt Acquisition Files for $150M SPAC IPO Targeting Fintech, AI Deals

Dow Jones08-08 04:58

Danneskjold and Galt filed for a $150 million initial public offering as the special purpose acquisition company looks to pursue a merger in the financial technology and artificial intelligence sectors.

The Cayman Islands-incorporated blank-check company said it plans to sell 15 million units at $10 each. Each unit will consist of one Class A ordinary share and one-half of a redeemable warrant exercisable at $11.50 a share.

The company said it hasn't selected a business-combination target or held substantive discussions with potential candidates. It intends to focus its search on fintech and AI businesses.

Danneskjold and Galt said $150 million of offering proceeds, or up to $172.5 million if underwriters exercise their over-allotment option in full, will be placed in a trust account.

The SPAC has two years after the offering closes to complete a merger or return funds to public shareholders and liquidate.

Atlas Sponsor LLC and Cohen & Company Capital Markets have agreed to buy 500,000 private-placement units for $5 million in a concurrent private placement. Cohen & Company Capital Markets is serving as sole book-running manager.

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