Reverence Acquisition, a blank check company formed by Reverence Capital Partners targeting fintech and financial services, filed on Tuesday 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 will consist of one share of common stock and one-third of a warrant, exercisable at $11.50. At the proposed deal size, Reverence Acquisition will command a market value of $375 million.
The company is led by CEO and Chairman Milton Berlinski, who co-founded Reverence Capital in 2013 and serves as Managing Partner. He is joined by CFO David Sloane, who is the VP of Finance and Controller at Reverence Capital. Reverence Acquisition intends to capitalize on the ability of its management team to identify, acquire, and manage a market-leading business that may provide opportunities for attractive risk-adjusted returns, with the belief that the financial technology and other growth-oriented subsectors of the financial services industry present particularly attractive investment opportunities.
Reverence Acquisition was founded in 2021 and plans to list on the Nasdaq under the symbol RCPIU. Goldman Sachs, Citi and Cantor Fitzgerald are the joint bookrunners on the deal.
