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Tech SPAC Industrial Tech Acquisitions ups proposed unit offering ahead of $75 million IPO

August 18, 2020

Industrial Tech Acquisitions, a blank check company targeting a technology business operating in an industrial or energy area, raised the proposed unit offering for its upcoming IPO on Tuesday.

The Houston, TX-based company now plans to raise $75 million by offering 7.5 million units at $10. The company had previously filed to offer 6 million units at the same price. Each unit consists of one share of common stock and one warrant, exercisable at $11.50. At the proposed price, Industrial Tech Acquisitions will raise 25% more in proceeds than previously anticipated.

The company is led by CEO and Chairman Scott Crist, the CEO of intelligent video monitoring firm Osperity and a Partner at Texas Ventures, and CFO Greg Smith, who was the founder, CEO, and CFO of ERF Wireless and the former CFO of Infrastructure Networks. The company plans to focus its search on industrial and energy technology companies with an enterprise value of approximately $250 million to $500 million.

Industrial Tech Acquisitions was founded in 2020 and plans to list on the Nasdaq under the symbol ITACU. Maxim Group LLC is the sole bookrunner on the deal