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Enterprise software SPAC Arrowroot Acquisition prices $250 million IPO

March 2, 2021
ARRWU

Arrowroot Acquisition, a blank check company formed by Arrowroot Capital targeting enterprise software, raised $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.

The company is led by CEO and Chairman Matthew Safaii, the founder and Managing Partner of investment advisory firm Arrowroot Capital, and CFO, President, and Vice Chairman Thomas Olivier, who currently serves as a Managing Director at Houlihan Lokey but plans to join Arrowroot Capital upon completion of the offering. The company plans to leverage its management team's experience and target the enterprise software sector.

Arrowroot Acquisition plans to list on the Nasdaq under the symbol ARRWU. Cantor Fitzgerald acted as a lead manager on the deal.