Growth SPAC Good Works II Acquisition prices $200 million IPO

Good Works II Acquisition, a blank check company targeting high-growth businesses, raised $200 million by offering 20 million units at $10. Each unit consists of one share of common stock and one-half a warrant, exercisable at $11.50. 

Good Works II Acquisition priced its IPO and began trading on the Nasdaq on Monday, under the symbol GWIIU. I-Bankers Securities acted as sole bookrunner on the deal.

The SPAC is led by Chairman Fred Zeidman, the Chairman of investment bank Gordian Group and former Restructuring Officer of TransMeridian Exploration; CEO and Director Douglas Wurth, the former CEO of Alternative Investments for J.P. Morgan Asset Management; and CFO, President, and Director Cary Grossman, the co-founder and Managing Director of Shoreline Capital Advisors.

Management's previous SPAC (GWAC; -0.5% from $10 offer price) has a pending merger agreement with bitcoin mining company Cipher Mining.

Good Works II Acquisition plans to target high-growth companies that need significant capital because of disruptions related to COVID-19 and the resulting structural changes occurring in some industries as a result, or other high-quality businesses experiencing high-growth, including those as a result of recent advances in technology and increases in digitization and automaton in business and life in general.