Perimeter Acquisition I, a blank check company targeting the defense and national security sectors, raised $210 million by offering 21 million units at $10. The company had originally filed in March to raise $150 million, before increasing the proposed offering to $175 million last week, and upsizing again at pricing. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50.
Perimeter Acquisition I is led by Executive Chairman Jordan Blashek, the co-founder and Managing Partner of early-stage venture firm America's Frontier Fund (AFF). Blashek co-founded AFF in 2021 with former In-Q-Tel CEO Gilman Louie, with support from Eric Schmidt and Peter Thiel. Glashek is joined by CEO Josef Valdman, the founder and Managing Partner of Slate Hill Partners, and Partner at NEOS Investments. The SPAC's Chief Investment Officer is Todd Lemkin, the former CIO of Canyon Capital Advisors.
The Dallas, TX-based company plans to target businesses in the US or an ally of the US, focusing on the defense and national security sectors. It highlights various subsectors, including aerospace and defense, space, government services, next generation manufacturing in support of the defense industrial base, mature dual-use military and commercial technologies and devices, and national infrastructure security.
Perimeter Acquisition I plans to list on the Nasdaq under the symbol PMTRU. Citi acted as sole bookrunner on the deal.
