G Squared Ascend I, a blank check company formed by G Squared targeting the tech sector, raised $300 million by offering 30 million units at $10.The company offered 5 million more units than anticipated. Each unit consists of one share of common stock and one-fifth of a warrant, exercisable at $11.50. The company may raise an additional $100 million at the closing of an acquisition pursuant to a forward purchase agreement with the sponsor.
The company is led by Chairman Larry Aschebrook, who founded venture capital firm G Squared in 2011 and currently serves as Managing Partner. He is joined by CEO and Director Ward Davis, who is currently a Principal at G Squared, and CFO Tom Hoban, who recently joined G Squared as COO. G Squared Ascend I intends to focus within the technology sector, with a particular focus on the following six core verticals: Software-as-a-Service, Online Marketplaces, Mobility 2.0/Logistics, Fintech/Insurtech, New Age Media, and Sustainability.
G Squared Ascend I plans to list on the NYSE under the symbol GSQD.U. UBS Investment Bank acted as lead manager on the deal.
