Mallard Capital's SPAC Mallard Acquisition increases deal size by 10% ahead of $110 million IPO

Mallard Acquisition, a blank check company formed by Mallard Capital targeting an industrials business, raised the proposed deal size for its upcoming IPO on Thursday.

The Cornelius, NC-based company now plans to raise $110 million by offering 11 million units at a price of $10. The company had previously filed to offer 10 million shares at $10. Each unit consists of one share of common stock and one redeemable warrant to purchase one-half of a share, exercisable at $11.50. At the revised deal size, Mallard Acquisition will raise 10% more in proceeds than previously anticipated.

The company is led by CEO Jeffrey Leck and CFO John Kirtley, who co-founded private equity firm KLH Capital in 2005 and Mallard Capital in June 2019. The company plans on targeting businesses in the value-added distribution, industrial specialty services, and differentiated manufacturing sectors with enterprise values between $300 million and $500 million.

Mallard Acquisition was founded in 2020 and plans to list on the Nasdaq under the symbol MACUU. Chardan Capital Markets is the sole bookrunner on the deal.