Innovation-focused SPAC Constellation Acquisition I files for a $300 million IPO

Constellation Acquisition I, a blank check company targeting disruptive innovation, filed on Friday with the SEC to raise up to $300 million in an initial public offering.

The Port Chester, NY-based company plans to raise $300 million by offering 30 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, Constellation Acquisition I would command a market value of $375 million.

The company is led by CEO and Chairman Klaus Kleinfeld, who previously served as CEO of NEOM, Arconic, and Alcoa. He is joined by CFO Thomas Stapp, whose previous roles include serving as an Associate Partner at Bain & Company and a Principal at Oliver Wyman. Constellation Acquisition I intends to focus on a target that is at the forefront of change in one of several rapidly changing segments of the global economy, leveraging its global network and presence across Europe and the DACH region (Germany, Austria, Switzerland) to identify an attractive transaction.

Constellation Acquisition I was founded in 2020 and plans to list on the NYSE under the symbol CSTA.U. It filed confidentially on December 8, 2020. Deutsche Bank and Morgan Stanley are the joint bookrunners on the deal.