OTR Acquisition, a blank check company formed by the co-founder of Cyrus Capital and Standard General, filed on Tuesday with the SEC to raise up to $250 million in an initial public offering.
The Miami, FL-based company plans to raise $250 million by offering 25 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. At the proposed price, OTR Acquisition would command a market value of $315 million.
The company is led by CEO, CFO, and Chairman Nicholas Singer, founder of family office Purchase Capital and former co-founder of Cyrus Capital Partners and Standard General. The company plans to target off-the-run private companies that meet its acquisition criteria.
OTR Acquisition was founded in 2020 and plans to list on the Nasdaq under the symbol OTRAU. Maxim Group LLC is the sole bookrunner on the deal.
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