Technology SPAC Prime Impact Acquisition I files for a $300 million IPO

Prime Impact Acquisition I, a blank check company targeting a data-centric technology company, filed on Wednesday with the SEC to raise up to $300 million in an initial public offering.

The San Jose, CA-based company plans to raise $300 million by offering 30 million units at a price of $10. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50. At the proposed deal size, Prime Impact Acquisition I would command a market value of $375 million.

The company is led by Co-CEO Michael Cordano, the former President and COO of Western Digital (Nasdaq: WDC), and Co-CEO and CFO Mark Long, the former CFO, CSO, and President of WD Capital at Western Digital. Prime Impact Acquisition I plans to target a technology company that can capitalize on the growing use and value of data.

The San Jose, CA-based company was founded in 2020 and plans to list on the NYSE under the symbol PIAI.U. Prime Impact Acquisition I filed confidentially on July 27, 2020. Goldman Sachs and BofA Securities are the joint bookrunners on the deal.