Technology SPAC Carney Technology Acquisition II prices $350 million IPO at $10

Carney Technology Acquisition II, a blank check company led by the former CEO of Brocade Communications targeting the technology industry, raised $350 million by offering 35 million units at $10. Each unit consists of one share of common stock and one-third of a warrant, exercisable $11.50.

The company is led by CEO, CFO, and Chairman David Roberson, who most recently served as SVP of Enterprise Servers, Storage and Networking at Hewlett-Packard, and Chief Acquisition Officer Lloyd Carney, who previously founded SPAC ChaSerg Technology Acquisition and served as CEO until its business combination with Grid Dynamics Holdings (GDYN; +18% from $10 offer price) in March of this year. Carney Technology Acquisition II plans to target technology companies that are experiencing accelerated growth from recent industry changes caused by catalysts such as the COVID-19 pandemic.

Carney Technology Acquisition II plans to list on the Nasdaq under the symbol CTAQU. Morgan Stanley, Cantor Fitzgerald and Mizuho Securities acted as lead managers on the deal.