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Restaurant SPAC Bite Acquisition prices upsized $175 million IPO

February 12, 2021

Bite Acquisition, a blank check company targeting the restaurant sector in North America, raised $175 million by offering 17.5 million units at $10. The company offered 2.5 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 Chairman Rafael Aguirre, who founded international food and beverage operator Mera Corporation in 1991 and currently serves as CEO. He is joined by CEO Alberto González, who founded advisory firm Pier A Capital Solutions in 2019 and currently is Founder and Director of Coscomate Hospitality Group. Bite Acquisition intends to focus on the traditional and non-traditional restaurant sectors in North America.

Bite Acquisition plans to list on the NYSE under the symbol BITE.U. EarlyBirdCapital acted as a lead manager on the deal.