Gateway Strategic Acquisition, a blank check company formed by Gaw Capital targeting the tech sector, filed on Tuesday with the SEC to raise up to $300 million in an initial public offering.
The Hong Kong-based company plans to raise $300 million by offering 30 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. The company may raise an additional $110 million at the closing of an acquisition pursuant to a forward purchase agreement with certain anchor investors. At the proposed deal size, Gateway Strategic Acquisition would command a market value of $403 million.
The company was co-founded by Chairman Goodwin Gaw, the co-founder, Chairman, and Managing Principal of private equity fund manager Gaw Capital Partners, and Christina Gaw, the Managing Principal and Head of Capital Markets of Gaw Capital. The company plans to target rapidly-growing and highly-scalable companies in the technology sector.
Gateway Strategic Acquisition was founded in 2021 and plans to list on the NYSE under the symbol GCSA.U. Credit Suisse and Citi are the joint bookrunners on the deal.
