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Food and grocery SPAC Jack Creek Investment lowers deal size by 17% ahead of $250 million IPO

January 14, 2021
JCICU

Jack Creek Investment Corp., a blank check company formed by KSH Capital targeting businesses in the food and grocery supply chain, lowered the proposed deal size for its upcoming IPO on Thursday.

The New York, NY-based company now plans to raise $250 million by offering 25 million units at $10. The company had previously filed to offer 30 million units at the same price. Each unit now consists of one share of common stock and one-half of a warrant, exercisable at $11.50; each unit previously contained one-third of a warrants. At the revised deal size, Jack Creek Investment Corp. will raise -17% less in proceeds than previously anticipated.

The company is led by Executive Chairman Jeffrey Kelter, co-founder of and a Partner at KSH Capital, and CEO Robert Savage, co-founder and President of KSH Capital. The company plans to target the broader food and grocery supply chain.

Jack Creek Investment Corp. was founded in 2020 and plans to list on the Nasdaq under the symbol JCICU. UBS Investment Bank and J.P. Morgan are the joint bookrunners on the deal.