Tech SPAC Burgundy Technology Acquisition cuts unit offering by 25% ahead of $300 million IPO

Burgundy Technology Acquisition, a blank check company formed by the former CEO of HP and a former Citi executive targeting the tech industry, lowered the proposed deal size for its upcoming IPO on Tuesday.

The Grand Cayman, Cayman Islands-based company now plans to raise $300 million by offering 30 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. The company had previously filed to offer 40 million units at the same price. At the proposed price, Burgundy Technology Acquisition will raise -25% less in proceeds than previously anticipated.

The company is led by Co-CEO and Chairman Leo Apotheker, who previously served as the CEO of Hewlett-Packard and SAP, and Co-CEO and CFO Jim Mackey, who previously served as Managing Director and Chairman of the Software and Technology Investment Banking Group at Citi and EVP of Executive Operations at Blackberry. The company plans to target the technology sector, particularly companies in enterprise software or technology-enabled services with an enterprise value between $750 million and $2 billion.

Burgundy Technology Acquisition was founded in 2020 and plans to list on the Nasdaq under the symbol BTAQU. Mizuho Securities is the sole bookrunner on the deal.