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Former Qualcomm executives' SPAC Prospector Capital Corp. prices upsized $300 million IPO at $10

January 8, 2021

Prospector Capital Corp., a blank check company formed by former Qualcomm executives targeting the tech sector, raised $300 million by offering 30 million units at $10. The company offered 5 million more units than anticipated. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50.

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. plans to list on the Nasdaq under the symbol PRSRU. Goldman Sachs acted as a lead manager on the deal.