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Technology-focused SPAC Tribe Capital Growth I raises deal size by 20% ahead of $240 million IPO

February 26, 2021
ATVCU

Tribe Capital Growth I, a blank check company formed by Tribe Capital and Arrow Capital targeting the tech sector, raised the proposed deal size for its upcoming IPO on Friday.

The San Francisco, CA-based company now plans to raise $240 million by offering 24 million units at a price of $10. The company had previously filed to offer 20 million units at the same price. Each unit will now consist of one share of common stock and one-fourth of a warrant, exercisable at $11.50. Units previously contained one-third warrants. At the revised deal size, Tribe Capital Growth I will raise 20% more in proceeds than previously anticipated.

The company is led by CEO and Chairman Arjun Sethi, co-founder and Partner of venture firm Tribe Capital Management. He is joined by CFO Omar Chohan, who is a Partner and leader of the Special Situations Group at Tribe Capital, and VP Sumit Mehta, who is a Managing Director at boutique asset manager and investment advisory firm Arrow Capital. The company plans to pursue opportunities with top-decile private technology companies that are exhibiting inflection points in their growth.

Tribe Capital Growth I was founded in 2020 and plans to list on the Nasdaq under the symbol ATVCU. Cantor Fitzgerald is the sole bookrunner on the deal.