Innovation-focused SPAC Constellation Acquisition I prices $300 million IPO

Constellation Acquisition I, a blank check company targeting disruptive innovation, raised $300 million by offering 30 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 is led by CEO and Chairman Klaus Kleinfeld, who previously served as CEO of NEOM, Arconic, and Alcoa. He is joined by CFO Thomas Stapp, whose previous roles include serving as an Associate Partner at Bain & Company and a Principal at Oliver Wyman. 

Constellation Acquisition I intends to focus on a target that is at the forefront of change in one of several rapidly changing segments of the global economy, leveraging its global network and presence across Europe and the DACH region (Germany, Austria, Switzerland) to identify an attractive transaction. It plans to focus on businesses that have strong organic growth and allow for the leveraging of ESG as a value-driver, among other criteria.

Constellation Acquisition I plans to list on the NYSE under the symbol CSTA.U. Deutsche Bank and Morgan Stanley acted as lead managers on the deal.