SPAC Good Works II Acquisition files for a $200 million IPO, targeting high-growth businesses

Good Works II Acquisition, a blank check company targeting high-growth businesses, filed on Thursday with the SEC to raise up to $200 million in an initial public offering.

The Houston, TX-based company plans to raise $200 million by offering 20 million units at $10. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50. At the proposed deal size, Good Works II Acquisition would command a market value of $254 million.

The company is led by Chairman Fred Zeidman, the Chairman of complex financial matter-focused investment bank Gordian Group and former Restructuring Officer of TransMeridian Exploration; CEO and Director Douglas Wurth, the former CEO of Alternative Investments for J.P. Morgan Asset Management; and CFO, President, and Director Cary Grossman, the co-founder and Managing Director of Shoreline Capital Advisors, an investment banking firm focused on financial advisory services and middle market corporate finance transactions. Management's previous SPAC (GWAC; +9% from $10 offer price) has a pending merger agreement with bitcoin mining company Cipher Mining.

Good Works II Acquisition plans to target high-growth companies that need significant capital because of disruptions related to COVID-19 and the resulting structural changes occurring in some industries as a result, or other high-quality businesses experiencing high-growth, including those as a result of recent advances in technology and increases in digitization and automaton in business and life in general.

Good Works II Acquisition was founded in 2020 and plans to list on the Nasdaq under the symbol GWIIU. I-Bankers Securities is the sole bookrunner on the deal.