Galliot Acquisition, the fourth blank check company formed by True Wind Capital targeting the tech sector, filed on Tuesday with the SEC to raise up to $250 million in an initial public offering.
The San Francisco, CA-based company plans to raise $250 million by offering 25 million units at $10. Each unit consists of one share of common stock and one-sixth of a warrant, exercisable at $11.50. The company may raise an additional $50 million at the closing of an acquisition pursuant to forward purchase agreements with several institutional accredited investors. At the proposed deal size, Galliot Acquisition would command a market value of $313 million.
The company is led by CEO and Chairman James Greene Jr., who is a founding partner and member of the investment committee at True Wind Capital. The company plans to target private, high-growth, and high-quality technology businesses, specifically those with overall transaction values between $750 million and $2.5 billion.
True Wind Capital's other SPACs include Bilander Acquisition (TWCBU), which filed concurrently with Galliot Acquisition; Nebula Caravel Acquisition (NEBC; +3% from $10 offer price), which went public in December 2020 and recently announced a merger agreement with dog walking platform Rover; TWC Tech Holdings II (TWCTU; +13%), which went public in September 2020; and Nebula Acquisition, which successfully completed its combination with Open Lending (LPRO; +279%) in June.
Galliot Acquisition was founded in 2021 and plans to list on the Nasdaq under the symbol TWCGU. Morgan Stanley, Deutsche Bank and Evercore ISI are the joint bookrunners on the deal.
