SPAC Modiv Acquisition files for a $100 million IPO, targeting fintech and proptech

Modiv Acquisition, a blank check company formed by Modiv targeting fintech and proptech businesses, filed on Wednesday with the SEC to raise up to $100 million in an initial public offering.

The Newport Beach, CA-based company plans to raise $100 million by offering 10 million units at $10. Each unit consists of one share of common stock and one warrant to purchase one-half of a share, exercisable at $11.50. At the proposed deal size, Modiv Acquisition would command a market value of $125 million.

The company is led by Chairman Ray Wirta and CEO and Director Aaron Halfacre, who hold the same roles at Modiv, an investment manager and product sponsor that invests in diversified real estate assets and real estate-related entity investments. The company plans to take advantage of its management team's experience and target fintech and proptech businesses whose core purpose is related to the real estate industry and who use technology driven platforms and solutions to disrupt or revolutionize the real estate capital markets, transactional marketplaces, and investment management industry.

Modiv Acquisition was founded in 2021 and plans to list on the NYSE American under the symbol MACSU. Chardan Capital Markets is the sole bookrunner on the deal.