AdMY Technology Group, the fifth blank check company formed by Niccolo de Masi and Harry You, filed on Tuesday with the SEC to raise up to $250 million in an initial public offering.
The Las Vegas, NV-based company plans to raise $250 million by offering 25 million units at $10. Each unit consists of one share of common stock and one-fourth of a warrant, exercisable at $11.50. At the proposed deal size, AdMY Technology Group would command a market value of $313 million.
The company is led by Co-Chairman Niccolo de Masi, the former CIO of Resideo Technologies (NYSE: REZI) and CEO of Glu (Nasdaq: GLUU); Co-Chairman Harry You, the founder and Vice Chairman of GTY (Nasdaq: GTYH); and CEO and Director Shekar Ayyar, who currently serves as General Manager of the Telco and Edge Cloud business unit at VMware (NYSE: VMW). AdMY Technology Group plans to target businesses in the broader communications and cloud infrastructure ecosystem, focusing on those with enterprise values between $1 billion and $3 billion.
de Masi and You's previous SPACs include dMY Technology Group IV (DMYQ.U; +3% from $10 offer price), which went public earlier this month; November 2020 IPO dMY Technology Group III (DMYI; +9%), which has a pending merger agreement with quantum computing startup IonQ; August 2020 IPO dMY Technology Group II (DMYD; +56%), which has a pending merger agreement with Genius Sports; and February 2020 IPO dMY Technology Group, which completed its combination with Rush Street Interactive (RSI; +53%) this past December.
AdMY Technology Group was founded in 2021 and plans to list on the NYSE. It has not selected a symbol yet (RC ticker: ADMYU.RC). Goldman Sachs is the sole bookrunner on the deal.