Ocean Drive Acquisition, a blank check company targeting businesses providing tech solutions to the real estate industry, filed on Thursday with the SEC to raise up to $250 million in an initial public offering.
The Chicago, IL-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-third of a warrant, exercisable at $11.50. At the proposed deal size, Ocean Drive Acquisition would command a market value of $313 million.
The company is led by Chairman Howard Lorber, the CEO of Vector Group (NYSE: VGR), and CEO and Director Steven Witkoff, the founder and CEO of integrated real estate investment and management company The Witkoff Group. The company plans to target businesses that provide technological solutions and innovation to the real estate industry, including real estate asset managers, real estate operating companies, and real estate adjacent businesses, which it refers to as "PropTech" businesses.
Ocean Drive Acquisition was founded in 2021 and plans to list on the Nasdaq under the symbol ODACU. Jefferies is the sole bookrunner on the deal.
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