Senior Connect Acquisition I, a blank check company formed by the founder of UnitedHealth targeting the senior market, filed on Tuesday with the SEC to raise up to $300 million in an initial public offering.
The Scottsdale, AZ-based company 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. At the proposed deal size, Senior Connect Acquisition I would command a market value of $375 million.
The company is led by CEO and Chairman Richard Burke, the founder and former CEO of UnitedHealth Group. Burke currently serves as a Managing Partner at Rainy Partners and previously was the owner, CEO, and Governor of the NHL team Phoenix Coyotes. President and Director Isaac Applbaum is co-founder and Partner at Israel-focused investment fund MizMaa and co-founder of senior-oriented business Secure and blockchain technologies company SecureKey. CFO and Director Ryan Burke is currently the CIO of Rainy Partners and BFO LLC. Senior Connect Acquisition I plans to target select sectors of the senior market, including lifestyle, home-based services, and health platforms, among others.
Senior Connect Acquisition I was founded in 2020 and plans to list on the Nasdaq under the symbol SNRHU. The company filed confidentially on October 2, 2020. Citi is the sole bookrunner on the deal.
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