Phalanx Acquisition I, a blank check company backed by Puerto Rico's Celeres Capital targeting financial and fintech businesses, filed on Thursday with the SEC to raise up to $175 million in an initial public offering.
The company plans to raise $175 million by offering 17.5 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. Sponsor affiliate Celeres has indicated a non-binding interest in a $25 million PIPE at the time of a business combination.
Phalanx Acquisition I is led by CEO and Director Christopher Valentine and CFO and Director Frank Turner, the co-founders and Senior Managing Partners of Celeres Capital. The SPAC intends to target businesses in financial services and financial technology sectors with an aggregate enterprise value between $1.0 billion and $3.0 billion.
The San Juan, Puerto Rico-based company was founded in 2025. It plans to list on the Nasdaq under the symbol PHAXU. Phalanx Acquisition I filed confidentially on October 22, 2025. Cantor Fitzgerald is the sole bookrunner on the deal.
