USHG Acquisition, a blank check company formed by Union Square Hospitality Group, filed on Friday with the SEC to raise up to $250 million in an initial public offering.
The New York, NY-based company plans to raise $250 million by offering 25 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 dealt size, USHG Acquisition will command a market value of $319 million.
The company is led by Chairman Danny Meyer, who founded Union Square Hospitality Group (USHG) and currently serves as CEO. He is joined by CEO and Director Adam Sokoloff, who has served as a Managing Partner of Asgard Capital Partners since 2019, and CFO Tiffany Daniele, who has served as CFO of USHG since 2020. USHG Acquisition intends to focus on culture-driven businesses across a range of industries, including, but not limited to, technology, e-Commerce, food and beverage, health and retail and consumer goods.
USHG Acquisition was founded in 2020 and plans to list on the NYSE under the symbol HUGSU. It filed confidentially on January 6, 2021. Goldman Sachs and Piper Sandler are the joint bookrunners on the deal.
