ScION Tech Growth I, a blank check company formed by ION Investment Group targeting technology, filed on Monday with the SEC to raise up to $500 million in an initial public offering.
The London, United Kingdom-based company plans to raise $500 million by offering 50 million units at $10. Each unit will consist of one share of common stock and one-third of a warrant, exercisable at $11.50. Pursuant to a forward purchase agreement with its sponsor, the company may raise an additional $100 million (or up to $300 million, at the sponsor's discretion) at the closing of an acquisition. At the proposed deal size, ScION Tech Growth I will command a market value of $625 million.
The company is led by Executive Chairman Andrea Pignataro, who is the founder and CEO of ION Investment Group, and CEO and Director Mathew Cestar, who previously served as Co-Head of EMEA Investment Banking and Capital Markets at Credit Suisse. ScION Tech Growth I intends to target tech-enabled businesses that offer specific technology solutions, broader technology software, and services in the financial services sector.
ScION Tech Growth I was founded in 2020 and plans to list on the Nasdaq under the symbol SCOAU. The company filed confidentially on October 19, 2020. UBS Investment Bank and Citi are the joint bookrunners on the deal.
