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Elliott Management's tech-focused SPAC Elliott Opportunity I files for a $1.0 billion IPO

February 19, 2021

Elliott Opportunity I, a blank check company formed by Elliott Management targeting technology, filed on Friday with the SEC to raise up to $1.0 billion in an initial public offering.

The West Palm Beach, FL-based company plans to raise $1 billion by offering 100 million units at $10. Each unit will consist of one share of common stock and one-fourth of a warrant, exercisable at $11.50. At the proposed deal size, Elliott Opportunity I will command a market value of $1.25 billion.

The company is led by Co-Chairmen Jesse Cohn and Gordon Singer, who both serve as Managing Partners at Elliott Management. They are joined by Co-CEO David Kerko, who serves as Head of North America Private Equity at Elliott, and Co-CEO Isaac Kim, who is a Managing Director at Evergreen Coast Capital. Elliott's other SPAC, Elliott Opportunity II (EOIIU.RC), filed concurrently with Elliott Opportunity I. 

Elliott Opportunity I intends to capitalize on the management's ability to identify and acquire opportunities in the technology sector that have leading market positions, operate in a space with a large and growing total addressable market, have a track record of sustainable growth with identifiable upside opportunities and strong management teams.

Elliott Opportunity I was founded in 2021 and plans to list on the NYSE. It has not yet chosen a ticker (RC ticker: EOIU.RC). Credit Suisse, Citi and UBS Investment Bank are the joint bookrunners on the deal.