Transportation SPAC VectoIQ Acquisition II prices $300 million IPO at $10, in Steve Girsky's follow-up to Nikola

VectoIQ Acquisition Corp. II, the second blank check company led by former GM execs targeting the smart transportation industry, raised $300 million by offering 30 million units at $10.

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Each unit consists of one share of common stock and one-fifth of a redeemable warrant, exercisable at $11.50. Earlier on Wednesday, the company lowered its unit component from a quarter warrant to a fifth of a warrant, in a sign of demand. Apollo and P. Schoenfeld, each affiliates of the sponsor, have indicated on buying up to 6.0 million units of the offering (20% of the deal).

The company is led by CEO and Director Stephen Girsky, founder and Managing Partner of VectoIQ, Chairman of Nikola, and former Vice Chairman of General Motors; CFO Steve Shindler, a Director and former CEO of Latin American mobile telecom provider NII Holdings (Nasdaq: NIHD); and COO Mary Chan, a Managing Partner at VectoIQ and former President of Global Connected Consumer at GM. The company plans to target the industrial technology, transportation, and smart mobility industries.

The group's previous SPAC, VectoIQ Acquisition, went public in May 2018 and completed its acquisition of Nikola (NKLA) in June 2020. Nikola common stock closed Wednesday at $16.20, a solid premium over its original $10 offer price, but well below the high of $79.73 it achieved last June.

VectoIQ Acquisition II plans to list on the Nasdaq under the symbol VTIQU. Cowen and Morgan Stanley acted as lead managers on the deal.