Silver Crest Acquisition, a blank check company formed by Ascendent Capital Partners targeting the consumer 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-half of a warrant, exercisable at $11.50.
The company is led by Chairman Leon Meng, founding Managing Partner and Chairman of private equity firm Ascendent Capital Partners, and CEO and Director Derek Cheung, a Managing Director at Ascendent Capital Partners. The company plans to target businesses with differentiated products and services in one or more high growth consumer and consumer technology sectors.
Silver Crest Acquisition plans to list on the Nasdaq under the symbol SLCRU. UBS Investment Bank acted as a lead manager on the deal.
