Hotelier Ed Scheetz's SPAC Ventoux CCM Acquisition prices $150 million IPO at $10

Ventoux CCM Acquisition, a blank check company formed by industry veterans and Chardan targeting the hospitality industry, raised $150 million by offering 15 million units at $10. Each unit consists of one share of common stock, a warrant to purchase one-half of a share exercisable at $11.50, and a right to receive one-twentieth of a share at the time of de-SPAC.

Track SPACs with our premium platform, IPO Pro.

The Greenwich, CT-based company is led by CEO and Chairman Edward Scheetz, who previously served as founder and CEO of Chelsea Hotels, and before that CEO of publicly-traded Morgans Hotel Group. The SPAC's CFO and Director Matthew MacDonald most recently served as VP of Capital Strategy and Wellness Development at Hyatt Hotels.

Ventoux CCM Acquisition plans to target established and high-growth businesses in the hospitality, leisure, travel, and dining sectors, primarily focusing on those based in North America with enterprise values between $500 million and $2 billion.

Ventoux CCM Acquisition is one of several SPACs targeting the leisure and hospitality space, which has been under intense pressure since the start of the COVID-19 pandemic. Others include Tastemaker Acquisition (TMKRU), FAST Acquisition (FST.U), and LCP Acquisition (LCPU).

Ventoux CCM Acquisition plans to list on the Nasdaq under the symbol VTAQU. Chardan Capital Markets acted as lead manager on the deal.