Cal Redwood Acquisition, a blank check company targeting technology, media, and telecommunications, raised $200 million by offering 20 million units at $10. Each unit consists of one share of common stock and one-tenth of a right to receive an additional share of common stock.
The Menlo Park, CA-based company is led by Chairman Vivek Ranadivé and CEO Daven Patel, who founded Bow Capital Management. Previously, Ranadivé founded software company TIBCO, which was sold to Vista Equity Partners for $4.3 billion in 2014.
The management team previously sponsored BowX Acquisition, which completed its business combination with office space and coworking company WeWork (WE) in 2021.
Cal Redwood Acquisition plans to list on the Nasdaq under the symbol CRAQU. Cohen & Company Securities and Seaport Global acted as joint bookrunners on the deal.
