ARC Group Securities Acquisition I, a blank check company led by ARC Group executives, raised $105 million by offering 10.5 million units at $10. Each unit consists of one share of common stock, one warrant exercisable at $11.50, and one right to receive one-fourth of a share at the time of the business combination.
ARC Group Securities Acquisition I is led by CEO and Chairman Ian Hanna, the CEO of ARC Group Securities. He is now joined by CFO Jake Carney, the former Managing Director of the UAE office of ARC Group. The SPAC plans to target companies with an attractive competitive position, knowledgeable management teams, and potential for high revenue growth, among other characteristics. It plans to focus on businesses with an aggregate enterprise value of $700 million or greater.
The Tempe, AZ-based company will trade on the Nasdaq under the symbol FJDIU. Arc Group Securities and Clear Street acted as joint bookrunners on the deal.
