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Trimaran Capital founders' SPAC GX Acquisition II prices $300 million IPO

March 18, 2021

GX Acquisition II, the second blank check company led by the Managing Partners of Trimaran Capital Partners, raised $300 million by offering 30 million units at $10. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50. Certain qualified institutional buyers intend to purchase $18 million worth of units in the offering.

The company is led by Co-CEOs and Co-Chairmen Jay Bloom and Dean Kehler, who are co-founders and Managing Partners of private equity firm Trimaran Capital Partners. While the company has not selected a target industry yet, it plans to focus on businesses with favorable growth prospects and attractive returns on invested capital, specifically those with enterprise values in excess of $1 billion.

Management's previous SPAC, GX Acquisition (GXGX; +1% from $10 offer price), went public in May 2019 and has a pending merger agreement with allogeneic cell therapy biotech Celularity.

GX Acquisition II plans to list on the Nasdaq under the symbol GXIIU. Cantor Fitzgerald acted as a lead manager on the deal.