Onyx Acquisition I, a blank check company led by the founder of JDS Development targeting industrials and construction tech, filed on Thursday with the SEC to raise up to $200 million in an initial public offering.
The New York, NY-based company plans to raise $200 million by offering 20 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. At the proposed deal size, Onyx Acquisition I would command a market value of $250 million.
The company is led by CEO and Chairman Michael Stern, the founder and CEO of real estate development and acquisition firm JDS Development Group. The company plans to target the general industrials sectors, including aerospace and defense, air freight and logistics, and airlines, among others, as well as the construction technology sector.
Onyx Acquisition I was founded in 2021 and plans to list on the Nasdaq under the symbol ONYXU. The company filed confidentially on July 30, 2021. BTIG is the sole bookrunner on the deal.
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