Mallard Capital's SPAC Mallard Acquisition prices $110 million IPO at $10

Mallard Acquisition, a blank check company formed by Mallard Capital targeting an industrials business, raised $110 million by offering 11 million units at $10. The units began trading on Tuesday, and closed at $9.91 (-0.9%).

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The company originally filed to offer 10 million units, before increasing the deal size by 10% last week when it disclosed that unspecified anchor investors had indicated on buying up to 1.1 million units. Each unit consists of one share of common stock and a redeemable warrant to purchase one-half of a share, exercisable at $11.50. The SPAC's trust is initially expected to be funded at $10.10 per unit.

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 listed on the Nasdaq under the symbol MACUU. Chardan Capital Markets acted as sole bookrunner on the deal.