FortuneX Acquisition, a blank check company targeting long term growth and defensible market positions, raised $75 million by offering 7.5 million units at $10. Each unit consists of one share of common stock, and one-half of one warrant to purchase a share, exercisable at $11.50.
FortuneX Acquisition is led by CEO and Chairman Daniel McCabe, who is the founder of his own law practice, Daniel McCabe. He currently sits on the boards of four other SPACs. Three have pending merger agreements (QETA, +19% from $10 offer price; BKHA, +16%; QSEA, +5%), and one is still searching (YOTA; -80%).
The New York, NY-based company will trade on the Nasdaq under the symbol FXACU. Polaris Advisory Partners acted as sole bookrunner on the deal.
