Ein and Dryden's seventh SPAC Capitol Investment VII files for a $400 million IPO

Capitol Investment VII, the seventh blank check company formed by Mark Ein and Dyson Dryden, filed on Monday with the SEC to raise up to $400 million in an initial public offering.

The Arlington, VA-based company plans to raise $400 million by offering 40 million units at $10. Each unit consists of one share of common stock and one-fourth of a warrant, exercisable at $11.50. At the proposed deal size, Capitol Investment VII would command a market value of $500 million.

The company is led by CEO and Chairman Mark Ein, founder and CEO of Venturehouse Group and President of Leland Investments, and President, CFO, and Director Dyson Dryden, the founder and President of Dryden Capital Management. The SPAC plans to target businesses that have demonstrated a potential for future growth.

Ein and Dryden's other SPACs include Capitol Investment VI (CIVIU.RC), which filed concurrently with Capitol Investment VII; Capitol Investment V (CAP.U; +8% from $10 offer price), which went public in December 2020; Capitol Investment IV, which went public in 2017 and acquired Nesco Holdings (NYSE: NSCO; -18%) in 2019; Capitol Acquisition III, which went public in 2015, merged with Cision in 2017, and was acquired by Platinum Equity for $2.7 billion in January 2020; Capitol Acquisition II, which went public in 2010 and merged with Lindblad Expeditions (Nasdaq: LIND; +16%) in 2015; and Capitol Acquisition I, which went public in 2007 and merged with Two Harbors Investment (NYSE: TWO; -36%) in 2009.

Capitol Investment VII was founded in 2021 and plans to list on the NYSE. It has not selected a symbol yet (RC ticker: CSEVU.RC). Citi and Deutsche Bank are the joint bookrunners on the deal.