SPAC Accelerate Acquisition files for a $400 million IPO

Accelerate Acquisition, a blank check company targeting the industrial, transportation and mobility, consumer, and retail sectors, filed on Tuesday with the SEC to raise up to $400 million in an initial public offering.

The Short Hills, NJ-based company plans to raise $400 million by offering 40 million units at $10. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50. At the proposed deal size, Accelerate Acquisition would command a market value of $500 million.

The company is led by CEO and Chairman Robert Nardelli, the founder and Managing Member of XLR-8 LLC, Investment & Advisory, and the former CEO of Cerberus Operations & Advisory, Chrysler, and The Home Depot. The company plans to leverage its management team's experience and target the industrial, transportation and mobility, consumer, and retail sectors.

Accelerate Acquisition was founded in 2020 and plans to list on the NYSE under the symbol AAQCU. UBS Investment Bank is the sole bookrunner on the deal.