Tetragon Acquisition I, a blank check company formed by Tetragon Financial Group targeting the alternative asset management industry, filed on Thursday with the SEC to raise up to $500 million in an initial public offering.
The New York, NY-based company plans to raise $500 million by offering 50 million units at $10. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50. Tetragon Financial Group intends to purchase 1.5 million units in the offering, and has a $75 million forward purchase agreement with the SPAC. At the proposed deal size, Tetragon Acquisition I would command a market value of $625 million.
The company is led by Executive Chairman Paddy Dear and CIO and Director Reade Griffith, the co-founders of closed-ended investment company Tetragon Financial Group, and CEO and Director Stephen Prince, the Head of Tetragon’s diversified alternative asset manager TFG Asset Management. The company plans to target the alternative asset management industry, specifically asset managers focused on investments in high-growth businesses generally, with a potential emphasis on technology and technology-enabled businesses.
Tetragon Acquisition I was founded in 2021 and plans to list on the Nasdaq under the symbol TACQU. BofA Securities and J.P. Morgan are the joint bookrunners on the deal.
