Social Commerce Partners, a blank check company targeting the direct selling industry, raised $100 million by offering 10 million units at $10.00. Each unit consists of one share of common stock and one-half of one warrant, exercisable at $11.50.
Social Commerce Partners is led by CEO and Chairman Stuart Johnson, the CEO and Channel Expert at Direct Selling News. He is joined by CFO and Director Michael Rollins, the COO and Partner at Calabrese Consulting. The SPAC plans to target companies involved with direct selling that have a proven growth trajectory, are product-driven and customer-focused, with diversified and differentiated offerings, and a digital focus, among other characteristics.
Social Commerce Partners plans to list on the Nasdaq under the symbol SCPQU. BTIG acted as sole bookrunner on the deal.
