Ark Global Acquisition, a blank check company led by a former Groupon CEO and QIA fund manager targeting disruptive technology, 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-fourth of a warrant, exercisable at $11.50.
The company is led by CEO and Director Rich Williams, current advisor at The Value Studio and former CEO of Groupon, and Chairman Sultan Almaadeed, founder of investment platform ENVST and former fund manager at the Qatar Investment Authority who served as Chairman of the Tender Committee. They are joined by CFO Stephen Krenzer, founder of Trabuco Canyon Advisors and former COO of Groupon.
Ark Global Acquisition intends to explore acquisitions of disruptive technology companies with defensible market positions and an enterprise value of more than $750 million, focusing on consumer internet and marketplaces, healthtech, fintech and mobility companies.
Ark Global Acquisition plans to list on the Nasdaq under the symbol ARKIU. Jefferies acted as lead manager on the deal.
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