CIIG Capital Partners II, the second blank check company formed by industry veterans targeting TMT, lowered the proposed deal size for its upcoming IPO on Wednesday.
The New York, NY-based company now plans to raise $225 million by offering 22.5 million units at $10. The company had previously filed to offer 30 million units at the same price. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50. Certain members of the sponsor intend to purchase $51 million worth of units in the offering (23% of the deal). At the revised deal size, CIIG Capital Partners II will raise -25% less in proceeds than previously anticipated.
The company is led by Executive Chairman Peter Cuneo, Managing Principal of Cuneo & Company; Co-CEO and Director Gavin Cuneo, a Partner at Cuneo & Company; and Co-CEO and Director Michael Minnick, co-founder and Managing Partner IIG Holdings. CIIG Capital Partners II intends to focus its search in the technology, media, and telecommunications industries and on companies with sustainability business models that are enabled by technology.
CIIG Capital Partners II was founded in 2021 and plans to list on the Nasdaq under the symbol CIIGU. UBS Investment Bank, Barclays, and LionTree are the joint bookrunners on the deal.
