SPAC Alpha Capital Acquisition files for a $200 million IPO, targeting tech in Latin America

Alpha Capital Acquisition, a blank check company targeting technology businesses in Latin America, filed on Friday 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-half of a warrant, exercisable at $11.50. Co-sponsor Innova Capital has indicated an interest in purchasing up to 2.3 million units in the offering. At the proposed deal size, Alpha Capital Acquisition would command a market value of $250 million.

The company is led by CEO and Chairman Alec Oxenford, who previously co-founded letgo in 2015 and served as CEO until 2020; CFO Rahim Lakhani, who previously served as CFO of letgo Global B.V. and Offerpad; and President and Director Rafael Steinhauser, who previously was President of Qualcomm Latin America from 2011 to 2020. Alpha Capital Acquisition intends to seek a business combination with a Latin American-focused technology business that will benefit from the founders’ experience growing and operating businesses in this industry throughout Latin America.

Alpha Capital Acquisition was founded in 2020 and plans to list on the Nasdaq under the symbol ASPCU. It filed confidentially on December 30, 2020. Citi and BofA Securities are the joint bookrunners on the deal.