Tech SPAC Mount Rainier Acquisition files for a $150 million IPO

Mount Rainier Acquisition, a blank check company targeting established tech-focused businesses, filed on Friday with the SEC to raise up to $150 million in an initial public offering.

The New York, NY-based company plans to raise $150 million by offering 15 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, Mount Rainier Acquisition would command a market value of $190 million.

The company is led by CEO and Director Matthew Kearney, the CEO of ICV's portfolio company LeadingResponse, and CFO and Director Young Cho, the CFO of Hedera Hashgraph, a proof-of-stake public network powered by hashgraph consensus. The company plans to target established, technology-focused businesses with enterprise values between $500 million and $2 billion.

Mount Rainier Acquisition was founded in 2021 and plans to list on the Nasdaq under the symbol RNERU. The company filed confidentially on April 21, 2021. A.G.P. is the sole bookrunner on the deal.