Avalon Acquisition, a blank check company targeting a business in the financial services sector, filed on Friday with the SEC to raise up to $200 million in an initial public offering.
The San Francisco, CA-based company plans to raise $200 million by offering 20 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. At the proposed deal size, Avalon Acquisition will command a market value of $250 million.
The company is led by Executive Chairman Donald Putnam, the founder of Grail Partners and Putnam Lovell Securities, and CEO Craig Cognetti, who leads the principal investing practice at Grail Partners. The company plans to target financial services sectors that are undergoing radical change as a result of demographic shifts, changing consumer preferences, technological disruption and other innovative forces.
The primary shareholder is Avalon Acquisition Holdings with a 20% post-IPO stake, which is managed by Donald Putnam, and Craig Cognetti.
Avalon Acquisition was founded in 2020 and plans to list on the Nasdaq under the symbol AVACU. Maxim Group LLC is the sole bookrunner on the deal.
