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TMT-focused SPAC CIIG Capital Partners II files for a $300 million IPO

March 10, 2021
CIIGU

CIIG Capital Partners II, the second blank check company formed by industry veterans targeting TMT, filed on Wednesday with the SEC to raise up to $300 million in an initial public offering.

The New York, NY-based company plans to raise $300 million by offering 30 million units at $10. Each unit consists of one share of common stock and one-fifth of a warrant, exercisable at $11.50. Certain anchor investors plan to purchase up to $68 million of the offering. At the proposed deal size, CIIG Capital Partners II will command a market value of $375 million.

The company is led by Executive Chairman Peter Cuneo, who has served as Managing Principal of Cuneo & Company since 2010. He is joined by Co-CEO and Director Gavin Cuneo, who has been a Partner at Cuneo & Company since 2010, and Co-CEO and Director Michael Minnick, who co-founded IIG Holdings and has been a Managing Partner since 2014. CIIG Capital Partners II intends to focus its search in the technology, media, and telecommunications industries and on companies with sustainability business models that are enabled by technology.

The group's previous SPAC, CIIG Merger (CIIC; +93% from $10 offer price), raised $225 million in December 2019 and is pending an acquisition of electric vehicle maker Arrival.

CIIG Capital Partners II was founded in 2021 and plans to list on the Nasdaq under the symbol CIIGU. UBS Investment Bank and Barclays are the joint bookrunners on the deal.