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Investment firm's SPAC Cornerstone Investment Capital Holdings files for a $250 million IPO

February 26, 2021

Cornerstone Investment Capital Holdings, a blank check company founded by Cornerstone Investment Capital targeting a financial services business, filed on Friday with the SEC to raise up to $250 million in an initial public offering.

The Hobe Sound, FL-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-half of a warrant, exercisable at $11.50. At the proposed deal size, Cornerstone Investment Capital Holdings will command a market value of $313 million.

The company is led by Chairman and CEO Robert Greifeld, the co-founder and managing partner of financial technology investment firm Cornerstone Investment Capital. The company plans to target businesses that focus on the application of technologies across a variety of industries, with a particular interest in financial services and transaction processing.

The primary shareholder is CIC Sponsor with a 20% post-IPO stake, which is managed by Robert Greifeld. 

Cornerstone Investment Capital Holdings was founded in 2021 and plans to list on the Nasdaq under the symbol CSICU. J.P. Morgan and Barclays are the joint bookrunners on the deal.