Tech SPAC E.Merge Technology Acquisition prices upsized $522 million IPO at $10

E.Merge Technology Acquisition, a blank check company led by the former CEOs of Kodak, EFI, and SAP Concur targeting a tech business, raised $522 million by offering 52.2 million units at $10. The company offered 2.2 million more units than anticipated. Each unit consists of one share and one-third of a warrant, exercisable at $11.50.

The company is led by Co-CEO and CFO Jeff Clarke, the former CEO of Eastman Kodak (NYSE: KODK) and Co-CEO Guy Gecht, the former CEO of Electronics For Imaging. Chairman Steven Singh is Managing Director at Madrona Venture Group and former CEO of Concur Technologies/SAP Concur. The company plans to target a business in the software and internet technology industries with a valuation between $1 billion and $3 billion.

E.Merge Technology Acquisition plans to list on the Nasdaq under the symbol ETACU. Cantor Fitzgerald and Mizuho Securities acted as lead managers on the deal.