TMT SPAC Roman DBDR Tech Acquisition lowers proposed deal size by 20% ahead of $220 million IPO

Roman DBDR Tech Acquisition, a blank check company targeting the TMT industries, lowered the proposed deal size for its upcoming IPO on Wednesday.

The Burlingame, CA-based company now plans to raise $220 million by offering 22 million units at a price of $10. The company had previously filed to offer 27.5 million units at $10. Each unit will still consist of one share of common stock and one-half of a warrant, exercisable at $11.50. At the revised deal size, Roman DBDR Tech Acquisition will raise -20% less in proceeds than previously anticipated. 

The company is led by Co-CEO and Chairman Donald Basile, an executive officer at Monsoon Blockchain and former CEO of Violin Memory and FusionIO, and Co-CEO Dixon Doll, the CEO of DBM Cloud Systems and Managing Director of Longstreet Ventures. The company plans to target businesses in the technology, media, and telecom (TMT) industries with enterprise values between $500 million and $1.5 billion.

Roman DBDR Tech Acquisition was founded in 2020 and plans to list on the Nasdaq under the symbol DBDRU. B. Riley FBR is the sole bookrunner on the deal. It is expected to price during the week of November 2, 2020.