Venture firm's SPAC Waverley Capital Acquisition 1 files for a $300 million IPO

Waverley Capital Acquisition 1, a blank check company formed by Waverley Capital targeting media, technology, and entertainment, filed on Tuesday with the SEC to raise up to $300 million in an initial public offering.

The Palo Alto, CA-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-fourth of a warrant, exercisable at $11.50. At the proposed deal size, Waverley Capital Acquisition 1 would command a market value of $375 million.

The company is led by Chairman Edgar Bronfman Jr. and CEO and Director Daniel Leff, the co-founders of venture firm Waverley Capital, where they serve as General Partner and Managing Partner, respectively. The company plans to leverage its management team's experience and target businesses focused on media, technology, or entertainment.

Waverley Capital Acquisition 1 was founded in 2021 and plans to list on the NYSE under the symbol WAVCU. Evercore ISI and Morgan Stanley are the joint bookrunners on the deal.