Automotive SPAC Motor City Acquisition files for a $250 million IPO

Motor City Acquisition, a blank check company targeting the automotive industry, filed on Wednesday with the SEC to raise up to $250 million in an initial public offering.

The Utica, MI-based company plans to raise $250 million by offering 25 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, Motor City Acquisition will command a market value of $313 million.

The company is led by CEO and Chairman Robert Wagman, who previously was CEO of LKQ Corporation and currently serves on the boards of Autosource Motors, All States Ag Parts, Dealer Tire, Repairify, National Truck Protection, and Parts Authority. He is joined by CFO and Director Eric Singer, who is the Managing Member of Union Lake. Motor City Acquisition intends to focus on the automotive, automotive-related, and mobility sectors.

Motor City Acquisition was founded in 2021 and plans to list on the Nasdaq under the symbol MCTYU. Deutsche Bank and Morgan Stanley are the joint bookrunners on the deal.