Next-gen mobility SPAC Atlantic Coastal Acquisition prices $300 million IPO

Atlantic Coastal Acquisition, a blank check company targeting the next-generation mobility sector, raised $300 million by offering 30 million units at $10. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50.

The company is led by CEO and Chairman Shahraab Ahmad, the founder and former CIO of Decca Capital, and President and Director Burt Jordan, who previously worked at Ford for over two decades, most recently serving as VP of Global Purchasing Operations and Supply Chain Sustainability. The company plans to target the next-generation mobility sector, focusing on businesses with large markets, high growth, and ESG values, among other characteristics.

Atlantic Coastal Acquisition plans to list on the Nasdaq under the symbol ACAHU. BTIG acted as a lead manager on the deal.