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Tech SPAC two files for a $200 million IPO

March 2, 2021
ATWO.U

two, the second blank check company led by the co-founder of Eventbrite and other industry veterans targeting the tech sector, filed on Tuesday 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-fourth of a warrant, exercisable at $11.50. At the proposed deal size, two would command a market value of $250 million.

The company is led by Co-CEO and Director Kevin Hartz, the co-founder and Chairman of Eventbrite (EB), co-founder of Xoom, and former entrepreneur in residence at Founders Fund; Co-CEO Gautam Gupta, the former CFO and CBO of Opendoor.com (OPEN); and CFO Troy Steckenrider III, the former COO of ZeroDown. Chairman Pierre Lamond is currently an investor for Eclipse Ventures and sits on the boards of several private tech companies.

The company is targeting the tech industry, stating that it intends to partner with founders, operators, and entrepreneurs to build great companies that advance the technology industry, which it refers to as the "Innovation Economy." Management's previous SPAC, one (AONE; +26% from $10 offer price), went public in August 2020 and has a pending merger agreement with additive manufacturing platform Markforged.

two was founded in 2021 and plans to list on the NYSE under the symbol ATWO.U. The company filed confidentially on February 5, 2021. Citi is the sole bookrunner on the deal.