Tech infrastructure SPAC Kernel Group Holdings prices upsized $265 million IPO

Kernel Group Holdings, a blank check company targeting technology infrastructure sectors, raised $265 million by offering 26.5 million units at $10. The company offered 1.5 million more units than anticipated. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50.

The company is led by CEO and Director Mark Gross, who previously served as CEO of Supervalu and Co-President of C&S. He is joined by CFO and Director Rakesh Tondon and COO and Director Brett Northart, the co-founders of Le Tote where they previously served as CEO and President, respectively. Kernel Group plans to identify, acquire, and manage a business in the Commerce Enablement, Supply Chain, Logistics, and related Technology Infrastructure sectors, focusing on those with aggregate enterprise values greater than $1 billion.

Kernel Group Holdings plans to list on the Nasdaq under the symbol KRNLU. Citi acted as a lead manager on the deal.