Schultze Special Purpose Acquisition II, the second blank check company formed by distressed debt investor George Schultze, filed on Tuesday with the SEC to raise up to $200 million in an initial public offering.
The Rye Brook, NY-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-third of a warrant, exercisable $11.50. At the proposed deal size, Schultze Special Purpose Acquisition II will command a market value of $250 million.
The company is led by CEO and Chairman George Schultze, who is Founder of Schultze Asset Management, an alternative investment manager focused on distressed securities and special situations. He is joined by CFO Jeffrey Glick, who is CFO of Schultze Asset Management, and EVP and Director Gary Julien, who is the Managing Director of Acquisitions at Schultze Asset Management. Schultze Special Purpose Acquisition II intends to initially focus on companies that may be experiencing liquidity constraints, are financially stressed, or have experienced and emerged from a financial restructuring.
The group's previous SPAC, Schultze Special Purpose Acquisition, raised $130 million in 2018 and completed its acquisition of cannabis producer Clever Leaves International (CLVR; +17% from $10 offer price) in December 2020.
Schultze Special Purpose Acquisition II was founded in 2020 and plans to list on the Nasdaq under the symbol SAMAU. Stifel and Mizuho Securities are the joint bookrunners on the deal.
