Tech SPAC Mount Rainier Acquisition prices $150 million IPO

Mount Rainier Acquisition, a blank check company targeting established tech-focused businesses, raised $150 million by offering 15 million units at $10. Each unit consists of one share of common stock and one warrant to purchase three-fourths of a share, exercisable at $11.50.

The company is led by CEO and Chairman Matthew Kearney, the CEO of ICV's portfolio company LeadingResponse, and CFO and Director Young Cho, the CFO of Hedera Hashgraph, a proof-of-stake public network powered by hashgraph consensus. The company plans to target established, technology-focused businesses with enterprise values between $500 million and $2 billion.

Mount Rainier Acquisition plans to list on the Nasdaq under the symbol RNERU. A.G.P. acted as sole bookrunner on the deal.