Ackrell SPAC Partners I, a blank check company targeting a branded fast-moving consumer goods business, raised $120 million by offering 12 million units at $10. The company offered 2 million more units than anticipated. Each unit contains one subunit and one-half of a warrant, exercisable at $11.50. Each subunit contains one share of common stock and one-half of a warrant.
The company is led by Chairman Michael Ackrell, founder and CEO of Ackrell Capital; Vice Chairman Shannon Soqui, co-founder and CEO of Next Frontier Brands; CEO nominee Jason Roth, co-founder and Chief Strategy Officer of Next Frontier Brands; and COO nominee Stephen Cannon, who serves as President of Everest Partners and has experience from several other SPACs.
Ackrell SPAC Partners I plans to target a branded fast-moving consumer goods business, primarily focusing on the alcoholic and non-alcoholic beverage and wellness sectors, as well as hemp-based branded consumer goods.
Ackrell SPAC Partners I plans to list on the Nasdaq under the symbol ACKIU. EarlyBirdCapital acted as a lead manager on the deal.
