1.12 Acquisition, a blank check company formed by Bridgeport Partners targeting financials and tech, filed on Wednesday with the SEC to raise up to $350 million in an initial public offering.
The New York, NY-based company plans to raise $350 million by offering 35 million units at $10. Each unit will consist of one share of common stock and one-fourth of a warrant, exercisable at $11.50. At the proposed deal size, 1.12 Acquisition will command a market value of $467 million.
The company is led by Founder and Chairman Frank Martire Jr., who currently serves as Executive Chairman of NCR Corporation. He is joined by President Frank Martire, III and CFO Tanmay Kumar, who are currently Partners at Bridgeport Partners. 1.12 Acquisition intends to focus on industries that complement the sponsor’s background in financial services, technology, software, data, analytics, asset management, internet related services, and related areas.
1.12 Acquisition was founded in 2020 and plans to list on the NYSE under the symbol OPOT.U. Credit Suisse, BofA Securities and Moelis & Company are the joint bookrunners on the deal.
