Restaurant SPAC Bite Acquisition files for a $150 million IPO

Bite Acquisition, a blank check company targeting the restaurant sector in North America, filed on Monday with the SEC to raise up to $150 million in an initial public offering.

The New York, NY-based company plans to raise $150 million by offering 15 million units at $10. Each unit will consist of one share of common stock and one-half of a warrant, exercisable at $11.50. At the proposed deal size, Bite Acquisition will command a market value of $193 million.

The company is led by Chairman Rafael Aguirre, who founded international food and beverage operator Mera Corporation in 1991 and currently serves as CEO. He is joined by CEO Alberto González, who founded advisory firm Pier A Capital Solutions in 2019 and currently is Founder and Director of Coscomate Hospitality Group. Bite Acquisition intends to focus on the traditional and non-traditional restaurant sectors in North America.

Bite Acquisition was founded in 2020 and plans to list on the NYSE under the symbol BITE.U. EarlyBirdCapital is the sole bookrunner on the deal.