XPAC Acquisition, a Brazil-focused blank check company formed by Brazilian financial services firm XP, raised $200 million by offering 20 million units at $10. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50.
The company is led by CEO and Chairman Chu Kong, CIO Guilherme Teixeira, and CFO Fabio Kann, who are all Partners of XP (XP) and work within its Private Equity division. XP, which completed its US IPO in 2019, operates a technology-driven platform and provides financial products and services in Brazil. The SPAC plans to leverage the XP platform in Brazil and target the healthcare, financial services, education, consumer goods & retail, and technology sectors in Brazil.
XPAC Acquisition plans to list on the Nasdaq under the symbol XPAXU. Citi acted as sole bookrunner on the deal.
