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SPAC Industrial Tech Acquisitions II files for a $150 million IPO

March 22, 2021

Industrial Tech Acquisitions II, a second blank check company targeting the industrial, energy, and communications technology space, filed on Monday with the SEC to raise up to $150 million in an initial public offering.

The Houston, TX-based company plans to raise $150 million by offering 15 million units at a price of $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. At the proposed deal size, Industrial Tech Acquisitions II would command a market value of $188 million.

The company is led by CEO and Chairman Scott Crist, the CEO of intelligent video monitoring firm Osperity and a Partner at Texas Ventures, and CFO Greg Smith, who previously founded and served as CEO and CFO of ERF Wireless and is the former CFO of Infrastructure Networks. The company intends to focus on targets operating in the industrial focused technology areas including software, mobile and IoT applications, digital and energy transformation, cloud communications and high bandwidth services, including LTE, remote sensing and 5G communications.

Industrial Tech Acquisitions II was founded in 2021 and plans to list on the Nasdaq under the symbol ITAQU. It filed confidentially on January 25, 2021. Wells Fargo Securities is the sole bookrunner on the deal.