Thayer Ventures Acquisition, a blank check company formed by Thayer Ventures targeting the travel and transportation industries, lowered the proposed deal size for its upcoming IPO on Tuesday.
The Valencia, CA-based company now plans to raise $150 million by offering 15 million units at $10. The company had previously filed to offer 17.5 million units at the same price. Each unit still consists of one share of common stock and one-half of a warrant, exercisable at $11.50. At the revised deal size, Thayer Ventures Acquisition will raise -14% less in proceeds than previously anticipated.
The company is led by Co-CEOs Mark Farrell and Christopher Hemmeter, co-founders and Managing Directors of Thayer Ventures. Prior to Thayer Ventures, Farrell worked in San Francisco politics, most recently as Mayor in 2018, and Hemmeter was a serial entrepreneur, most recently founding iCare Marketing which was sold to Sysco Foodservice. Thayer Ventures Acquisition plans to concentrate on sourcing business combination opportunities within travel and transportation technology.
Thayer Ventures Acquisition was founded in 2020 and plans to list on the Nasdaq under the symbol TVACU. Stifel and Oppenheimer & Co. are the joint bookrunners on the deal.
