Media and technology-focused SPAC Advancit Acquisition I lowers deal size by 21% ahead of $275 million IPO

Advancit Acquisition I, a blank check company targeting media and technology, lowered the proposed deal size for its upcoming IPO on Tuesday.

The Armonk, NY-based company now plans to raise $275 million by offering 27.5 million units at $10. The company had previously filed to offer 35 million units at the same price. Each unit contains one share of common stock and one-third of a warrant, exercisable at $11.50. At the revised deal size, Advancit Acquisition I will raise 21% less in proceeds than previously anticipated.

The company is led by Chairman Jonathan Miller, who has served as CEO of Integrated Media Company since 2018; CEO and Director Randy Freer, who founded the Freer Company in May 2020 and previously served as CEO of Hulu; and President and Director Jason Ostheimer, who has served as Co-Founder and Partner at Advancit Capital since 2011. Advancit Acquisition I intends to pursue a target that will benefit from management’s unique experience in the media and technology sectors, with a primary focus on North American and European Markets.

Advancit Acquisition I was founded in 2021 and plans to list on the Nasdaq under the symbol AACOU. Citi is the sole bookrunner on the deal.