TKB Critical Technologies 1, a blank check company formed by TKB Capital targeting businesses that provide critical technologies, filed on Friday with the SEC to raise up to $200 million in an initial public offering.
The El Segundo, CA-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. Apollo Capital Management, Atalaya Capital Management, and Meteora Capital Partners have indicated on 30% of units in the offering. The company may raise an additional $90 million at the closing of an acquisition pursuant to forward purchase agreements with Apollo and Atalaya. At the proposed deal size, TKB Critical Technologies 1 would command a market value of $250 million.
The company is led by Executive Chairman Philippe Tartavull and Co-CEO and Director Greg Klein, co-founders and Managing Partners of investment firm TKB Capital, and Co-CEO, CFO, and Director Angela Blatteis, a Managing Partner of TKB Capital. The company plans to target businesses that provide critical technologies in the industrial base supply chain recognized by the US Government to maintain technological leadership, national security, and supply chain independence.
TKB Critical Technologies 1 was founded in 2021 and plans to list on the Nasdaq under the symbol USCTU. The company filed confidentially on May 19, 2021. Jefferies is the sole bookrunner on the deal.
