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Media and technology SPAC Advancit Acquisition I files for a $350 million IPO

February 17, 2021

Advancit Acquisition I, a blank check company targeting media and technology, filed on Wednesday with the SEC to raise up to $350 million in an initial public offering.

The Armonk, NY-based company plans to raise $350 million by offering 35 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 deal size, Advancit Acquisition I will command a market value of $438 million.

The company is led by Chairman Jonathan Miller, who has served as CEO of Integrated Media Company since 2018; CEO and Director Randy Freer, who founded the Freer Company in May 2020 and previously served as CEO of Hulu; and President and Director Jason Ostheimer, who has served as Co-Founder and Partner at Advancit Capital since 2011. Advancit Acquisition I intends to pursue a target that will benefit from management’s unique experience in the media and technology sectors, with a primary focus on North American and European Markets.

Advancit Acquisition I was founded in 2021 and plans to list on the Nasdaq under the symbol AACOU. Citi is the sole bookrunner on the deal.