Former Qualcomm executives' SPAC Prospector Capital Corp. files for a $250 million IPO

Prospector Capital Corp., a blank check company formed by former Qualcomm executives targeting the tech sector, filed on Friday with the SEC to raise up to $250 million in an initial public offering.

The La Jolla, CA-based company plans to raise $250 million by offering 25 million units at $10. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50. At the proposed deal size, Prospector Capital Corp. would command a market value of $313 million.

The company is led by CEO and Director Derek Aberle, the co-founder and Vice Chairman of X-COM and former President of Qualcomm (2014-2018), and Chairman Steve Altman, the founder and Managing Member of investment vehicle AJL and former President of Qualcomm (2005-2011). The company plans to target businesses with advanced and highly differentiated solutions in the technology sector, specifically those developing advanced communications, applications and services, cloud and edge computing, AI and machine learning, augmented and virtual reality, disruptive transport technologies, and computer vision.

Prospector Capital Corp. was founded in 2020 and plans to list on the Nasdaq under the symbol PRSRU. The company filed confidentially on October 8, 2020. Goldman Sachs is the sole bookrunner on the deal.