Dune Acquisition II, a blank check company targeting SaaS, AI, and other technology businesses, raised $125 million by offering 12.5 million units at $10. Each unit consists of one share of common stock and three-quarters of a warrant, exercisable at $11.50 per share. The company had originally filed in March to raise $150 million, before lowering the deal size last week.
Dune Acquisition II is led by CEO and Chairman Carter Glatt, who serves Chairman of Global Gas Corp., and previously led Dune Acquisition from 2020 until 2023. When his first SPAC priced in 2020, Glatt was the youngest SPAC CEO in our records at age 27. Glatt is joined by CFO Michael Castaldy, the founder and Managing Partner of Diverse Partners.
The SPAC plans to target the SaaS, AI, semiconductor, MedTech, and business services-oriented asset management and consultancy industries, aiming for an enterprise value between $1 billion and $1.5 billion.
Management's previous SPAC, Dune Acquisition, completed its combination with Global Gas (OTC: HGAS) in December 2023.
Dune Acquisition II plans to list on the Nasdaq under the symbol IPODU. Clear Street acted as sole bookrunner on the deal.
