Nebula Caravel Acquisition, the third blank check company formed by True Wind Capital targeting the tech sector, raised $250 million by offering 25 million units at $10, as expected. Each unit consists of one share of common stock and one-fifth of a warrant, exercisable at $11.50; in a sign of demand, the company lowered the warrant on Monday from one-fourth to one-fifth.
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Nebula Caravel Acquisition may raise an additional $100 million at the closing of an acquisition pursuant to a forward purchase agreement with its sponsor and certain third parties.
The company is led by CEO and Director Adam Clammer and Chairman James Greene Jr., both of whom are founding partners and members of the investment committee at True Wind Capital. Nebula Caravel Acquisition comes on the heels of True Wind Capital's two previous SPACs, TWC Tech Holdings II (TWCTU; +4% from $10 offer price), which raised $525 million in September, and Nebula Acquisition, which successfully completed its combination with Open Lending (LPRO; +201%) in June.
The company plans to target the technology and technology-enabled services sectors, specifically those with overall transaction values between $750 million and $2.5 billion.
Nebula Caravel Acquisition plans to list on the Nasdaq under the symbol NEBCU. Deutsche Bank, William Blair and Stifel acted as lead managers on the deal.
