SPAC Stratim Cloud Acquisition, led by the founder of SonicWALL, prices $250 million IPO

Stratim Cloud Acquisition, a blank check company led by the founder of SonicWALL targeting software, raised $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.

The company is led by CEO and Chairman Sreekanth Ravi, a private investor in technology and the founder of several tech companies, including SonicWALL, and CFO, CSO, and Director Zachary Abrams, the founder and Managing Partner of late stage venture firm Stratim Capital. The company plans to target the technology industry, specifically focusing on cloud infrastructure software, SaaS consumer and enterprise applications, and security software.

Stratim Cloud Acquisition plans to list on the Nasdaq under the symbol SCAQU. BofA Securities and Cowen acted as lead managers on the deal.