Skydeck Acquisition, a blank check company targeting the media, technology, communications, and digital health sectors, filed on Tuesday with the SEC to raise up to $250 million in an initial public offering.
The Providence, RI-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. The company may raise an additional $30 million at the closing of an acquisition pursuant to a forward purchase agreement with the sponsor. At the proposed deal size, Skydeck Acquisition would command a market value of $313 million.
The company is led by Chairman Paul Salem, a Senior Managing Director Emeritus of Providence Equity, and CEO and Director Martin Mannion, a Senior Advisor and former Managing Director and CIO of Summit Partners. The company plans to leverage its management's experience and target businesses with defensible business models, large and growing end markets, and superior unit economics in the media, technology, communications, and digital health sectors.
Skydeck Acquisition was founded in 2021 and plans to list on the Nasdaq under the symbol SKYAU. J.P. Morgan and Morgan Stanley are the joint bookrunners on the deal.
