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SPAC Millstreet Capital Acquisition files for a $125 million IPO, targeting distressed companies

July 8, 2021

Millstreet Capital Acquisition, a blank check company formed by Millstreet Capital targeting distressed businesses, filed on Thursday with the SEC to raise up to $125 million in an initial public offering.

The Boston, MA-based company plans to raise $125 million by offering 12.5 million units at $10 per unit. Each unit contains one share of common stock and one-half of a warrant, exercisable at $11.50. At the proposed deal size, the company would command a market value of $125 million. 

The company is led by co-CEOs and co-Chairmen Craig Kelleher and Brian Connolly, the co-founders and Managing Partners of Millstreet Capital, and CFO Christina Rosello, the CFO of Millstreet Capital. The company aims to leverage management's experience to target stressed, distressed, and reorganized companies with a focus on business fundamentals. It may also target businesses that have recently emerged from bankruptcy. 

The company was founded in 2020 and plans to list on the Nasdaq under the symbol MLSTU. Millstreet Capital Acquisition filed confidentially on March 4, 2021. Seaport Global, and Imperial Capital are the joint bookrunners on the deal.