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Tech and financials SPAC Evo Acquisition files for a $100 million IPO

January 20, 2021

Evo Acquisition, a blank check company formed by Evolution Capital Management targeting the tech and financial sectors, filed on Wednesday with the SEC to raise up to $100 million in an initial public offering.

The Crystal Bay, NV-based company plans to raise $100 million by offering 10 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. At the proposed deal size, Evo Acquisition would command a market value of $125 million.

The company is led by Chairman Michael Lerch, the founder and CIO Evolution Capital Management, a US-based investment manager that is a member of the Evolution Financial Group. He is joined by CEO and Director Richard Chisholm, who currently serves as CEO of Evolution Capital Management, and CFO Adrian Brindle, who currently serves as CFO of Evolution Financial Group. The company plans to target businesses in the technology and financial sectors with enterprise values between $250 million and $750 million.

Evo Acquisition was founded in 2020 and plans to list on the Nasdaq under the symbol EVOJU. The company filed confidentially on December 23, 2020. B. Riley FBR and SMBC Nikko are the joint bookrunners on the deal.