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Tech-focused private equity firm's third SPAC Vector Acquisition III files for a $250 million IPO

March 15, 2021
VCCC.RC

Vector Acquisition III, the third blank check company formed by Vector Capital targeting the tech industry, filed on Monday with the SEC to raise up to $250 million in an initial public offering.

The San Francisco, CA-based company plans to raise $250 million by offering 25 million shares at $10. The company is not offering units with warrants attached. At the proposed deal size, Vector Acquisition III would command a market value of $320 million.

The company is led by CEO and Chairman Alex Slusky, founder of of Vector Capital and former leader of the technology equity practice at Ziff Brothers Investments, and President David Fishman, a Partner and Head of the Investment Team at Vector Capital. Vector Acquisition III plans to leverage its management team's experience to target the technology and technology-enabled services sectors.

Management's previous SPACs include Vector Acquisition II (VAQC), which went public earlier this month, and Vector Acquisition (VACQ), which went public in September 2020 and has a pending merger agreement with launch and space system developer Rocket Lab.

Vector Acquisition III was founded in 2021 and plans to list on the Nasdaq. It has not selected a symbol yet (RC ticker: VCCC.RC). The company has not selected an underwriter yet.