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True Wind Capital's SPAC Mistico Acquisition files for a $400 million IPO

March 15, 2021

Mistico Acquisition, the seventh blank check company formed by True Wind Capital targeting the tech sector, filed on Monday with the SEC to raise up to $400 million in an initial public offering.

The San Francisco, CA-based company plans to raise $400 million by offering 40 million units at $10. Each unit consists of one share of common stock and one-fifth of a warrant, exercisable at $11.50. The company may raise an additional $100 million at the closing of an acquisition pursuant to forward purchase agreements with several institutional accredited investors. At the proposed deal size, Mistico Acquisition would command a market value of $500 million.

The company is led by CEO and Chairman James Greene Jr., who is a founding partner and member of the investment committee at True Wind Capital. The company plans to target private, high-growth, and high-quality technology businesses, specifically those with overall transaction values between $2 billion and $10 billion.

True Wind Capital's other SPACs include Brigantine Acquisition (BRIGU), which filed concurrently with Mistico Acquisition; Galliot Acquisition (TWCGU) and Bilander Acquisition (TWCBU), which filed last month; Nebula Caravel Acquisition (NEBC; -1% from $10 offer price), which went public in December 2020 and has a pending merger agreement with dog walking platform Rover; TWC Tech Holdings II (TWCTU; +6%), which went public in September 2020; and Nebula Acquisition, which successfully completed its combination with Open Lending (LPRO; +301%) this past June.

Mistico Acquisition was founded in 2021 and plans to list on the Nasdaq under the symbol TWCMU. Morgan Stanley, Deutsche Bank, and Evercore ISI are the joint bookrunners on the deal.