KINS Technology Group, a blank check company formed by tech veteran Khurram Sheikh targeting the tech industry, raised $240 million by offering 24 million units at $10. The company offered 4 million more units than anticipated. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50.
The company is led by CEO, CFO, and Chairman Khurram Sheikh, founder and CEO of boutique strategic advisory firm Aijaad. Sheikh's previous roles include serving as CEO of kwikbit, Chief Strategy and Technology Officer of Silicon Image, CTO and CEO of Powerwave Technologies, and VP of Wireless Strategy and Development at Time Warner Cable. The company plans to target transformative technology businesses that operate in a growing addressable market and have a validated business model, among other criteria.
KINS Technology Group plans to list on the Nasdaq under the symbol KINZ.U. UBS Investment Bank, Stifel and BTIG acted as lead managers on the deal.
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