Avalon Acquisition, a blank check company targeting a business in the financial services sector, raised $180 million by offering 18 million units at $10. Each unit consists of one share of common stock and three-quarters of a warrant, exercisable at $11.50. The company offered 3 million more units than anticipated. It originally planned to offer 20 million units before lowering the offering in September.
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 plans to list on the Nasdaq under the symbol AVACU. Maxim Group LLC acted as sole bookrunner on the deal.
