Silicon Valley Acquisition, a blank check company targeting sectors undergoing structural transformation, raised $200 million by offering 20 million units at $10. Each unit consists of one share of common stock and one-half of one warrant, exercisable at $11.50.
The company is led by CEO Dan Nash, the former head of investment banking at Cohen & Company Capital Markets, who led the firm's SPAC practice. Mr. Nash currently serves as COO of another SPAC, Columbus Circle Capital I, which completed its merger with bitcoin treasury developer ProCap Financial (BRR; -70% from $10 offer price) earlier this month. He is joined by CFO Martin Zinny, the former Head of Corporate Access and Research Sales for global investment firm Point72. COO Madan Menon was previously COO of the SPAC International Acquisition, which merged with Zoomcar (OTC: ZCAR) in 2023. There are five directors, including the CEO's brother, Adam Nash, who is the current CEO of Aside Inc., and former VP of Product at Dropbox and former CEO of Wealthfront.
The company states that current market conditions present an opportunity to invest in sectors undergoing structural transformation, including fintech, crypto/digital assets, AI-driven infrastructure, energy transition, auto/mobility, technology, consumer, healthcare, and mining.
Silicon Valley Acquisition plans to list on the Nasdaq under the symbol SVAQU. Clear Street acted as sole bookrunner on the deal.
