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Moelis & Company's SPAC Atlas Crest Investment prices $500 million IPO at $10

October 28, 2020

Atlas Crest Investment, a blank check company formed by Moelis & Company, raised $500 million by offering 50 million units at $10. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50.

The company is led by Chairman Ken Moelis, founder and Managing Director of Moelis & Company, and CEO Michael Spellacy, a former Senior Managing Director at Accenture and Global Industry Leader of Accenture Capital Markets. While the company has not selected a target industry, it plans to leverage its management team's experience and target businesses that will benefit from its strategic and operational value add.

Atlas Crest Investment Corp. plans to list on the NYSE under the symbol ACIC.U. Cantor Fitzgerald acted as sole bookrunner on the deal.