Avalon Acquisition, a blank check company targeting a business in the financial services sector, lowered the proposed deal size for its upcoming IPO on Tuesday.
The San Francisco, CA-based company now plans to raise $150 million by offering 15 million units at $10. The company had previously filed to offer 20 million units at the same price. Each unit now consists of one share of common stock and three-quarters of a warrant, exercisable at $11.50. Each unit previously contained one-half of a warrant. At the revised deal size, Avalon Acquisition will raise -25% less in proceeds than previously anticipated.
The company is led by Executive Chairman Donald Putnam, the founder of Grail Partners and Putnam Lovell Securities, and CEO Craig Cognetti, who leads the principal investing practice at Grail Partners. The company plans to target financial services sectors that are undergoing radical change as a result of demographic shifts, changing consumer preferences, technological disruption, and other innovative forces.
Avalon Acquisition was founded in 2020 and plans to list on the Nasdaq under the symbol AVACU. Maxim Group LLC is the sole bookrunner on the deal.
