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Trimaran Capital founders' SPAC GX Acquisition II files for a $300 million IPO

February 23, 2021

GX Acquisition II, the second blank check company led by the Managing Partners of Trimaran Capital Partners, filed on Tuesday with the SEC to raise up to $300 million in an initial public offering.

The New York, NY-based company plans to raise $300 million by offering 30 million units at $10. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50. Certain qualified institutional buyers intend to purchase $18 million worth of units in the offering. At the proposed deal size, GX Acquisition II would command a market value of $375 million.

The company is led by Co-CEOs and Co-Chairmen Jay Bloom and Dean Kehler, who are co-founders and Managing Partners of private equity firm Trimaran Capital Partners. While the company has not selected a target industry yet, it plans to focus on businesses with favorable growth prospects and attractive returns on invested capital, specifically those with enterprise values in excess of $1 billion.

Management's previous SPAC, GX Acquisition (GXGX; +2% from $10 offer price), went public in May 2019 and has a pending merger agreement with allogeneic cell therapy biotech Celularity.

GX Acquisition II was founded in 2020 and plans to list on the Nasdaq under the symbol GXIIU. The company filed confidentially on November 6, 2020. Cantor Fitzgerald is the sole bookrunner on the deal.