G Squared Ascend I, a blank check company formed by G Squared targeting the tech sector, filed on Wednesday with the SEC to raise up to $250 million in an initial public offering.
The Chicago, IL-based company plans to raise $250 million by offering 25 million units at $10. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50. The company may raise an addition $100 million at the closing of an acquisition pursuant to a forward purchase agreement with the sponsor. At proposed deal size, G Squared Ascend I would command a market value of $313 million.
The company is led by Chairman Larry Aschebrook, who founded venture capital firm G Squared in 2011 and currently serves as Managing Partner. He is joined by CEO and Director Ward Davis, who is currently a Principal at G Squared, and CFO Tom Hoban, who recently joined G Squared as COO. G Squared Ascend I intends to focus within the technology sector, with a particular focus on the following six core verticals: Software-as-a-Service, Online Marketplaces, Mobility 2.0/Logistics, Fintech/Insurtech, New Age Media, and Sustainability.
G Squared Ascend I was founded in 2020 and plans to list on the NYSE under the symbol GSQD.U. It filed confidentially on December 22, 2020. UBS Investment Bank is the sole bookrunner on the deal.
