Space SPAC Parsec Capital Acquisitions increases deal size by 50% ahead of $75 million IPO

Parsec Capital Acquisitions, a blank check company targeting space transport and technology, raised the proposed deal size for its upcoming IPO on Thursday.

The Lewisville, TX-based company now plans to raise $75 million by offering 7.5 million units at $10. The company had previously filed to offer 5 million units at the same price. Each unit consists of one share of common stock and one whole warrant, exercisable at $11.50. At the revised deal size, Parsec Capital Acquisitions will raise 50% more in proceeds than previously anticipated.

Parsec Capital Acquisitions is led by CEO and Chair Patricia Trompeter, former CFO of GE Capital, and CFO and Director Paul Haber, Managing Director of Toronto-based merchant bank Summit Bancorp. The company aims to leverage management's experience to target businesses with enterprise values between $100 million and $300 million in the space economy, transport, and technology industries.

Parsec Capital Acquisitions was founded in 2021 and plans to list on the Nasdaq under the symbol PCXCU. EF Hutton is the sole bookrunner on the deal.