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SPAC Accelerate Acquisition Corp. prices $400 million IPO, led by Bob Nardelli

March 17, 2021

Accelerate Acquisition, a blank check company led by Bob Nardelli targeting industrial, transportation, and consumer businesses, raised $400 million by offering 40 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 Robert Nardelli, known for his role as former CEO of The Home Depot (2000-2007), Chrysler (2007-2009), and Freedom Group (2010-2012). COO, CFO and Director Michael Simoff previously served as a PM at Elliott Management. Head of Business Development Jeffrey Kaplan previously was COO of Appaloosa Management, and before that was head of global M&A at Merrill Lynch.

The company plans to leverage its management team's experience and target the industrial, transportation and mobility, consumer, and retail sectors. The SPAC states that its management team's dealmaking experience will help accelerate growth at its ultimate merger target.

The Short Hills, NJ-based company plans to list on the NYSE under the symbol AAQCU. UBS Investment Bank acted as lead manager on the deal.