Fintech SPAC Deep Lake Capital Acquisition prices upsized $180 million IPO

Deep Lake Capital Acquisition, a blank check company led by former PayPal executives targeting the fintech sector, raised $180 million by offering 18 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50.

The company is led by CEO and Chairman Mark Lavelle, who most recently was SVP of Commerce Cloud at Adobe and previously held various roles at eBay and PayPal; President and Director Gary Marino, who most recently served as EVP and Chief Commercial Officer at PayPal, where he worked for 11 years; and CFO and Director Michael Cyrus, co-founder and Partner at 7 Continents Global Expeditionary Operations. The company plans to target businesses in the financial technology, ecommerce software, and data and analytics sectors with enterprise values between $750 million to $1.5 billion.

Deep Lake Capital Acquisition plans to list on the Nasdaq under the symbol DLCAU. Citi and Jefferies acted as lead managers on the deal.