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Tech-focused SPAC Rosecliff Acquisition I files for a $200 million IPO

January 27, 2021

Rosecliff Acquisition I, a blank check company backed by Rosecliff Venture Management targeting technology, filed on Wednesday with the SEC to raise up to $200 million in an initial public offering.

The New York, NY-based company plans to raise $200 million by offering 20 million units at $10. Each unit will consist of one share of common stock and one-third of a warrant, exercisable at $11.50. At the proposed deal size, Rosecliff Acquisition would command a market value of $250 million.

The company is led by CEO and Director Michael Murphy, who founded Rosecliff in 2016 and serves as Managing Partner; President and Director Jordan Zimmerman, who founded Zimmerman Advertising in 1984 and currently serves as Chairman; and CFO Kieran Goodwin, who previously was Founder, Co-Managing Partner, and Portfolio Manager at Panning Capital Management from 2012 to 2018. Rosecliff Acquisition intends to focus on identifying high growth technology and tech-enabled businesses domestically in industries that are being disrupted by advances in technology and on technology paradigms.

Rosecliff Acquisition was founded in 2020 and plans to list on the Nasdaq under the symbol RCLF.U. It filed confidentially on December 23, 2020. BTIG is the sole bookrunner on the deal.