Consumer SPAC EF Hutton Acquisition files for a $125 million IPO

EF Hutton Acquisition, a blank check company led by EF Hutton executives targeting consumer and retail, filed on Monday with the SEC to raise up to $125 million in an initial public offering.

The Hingham, MA-based company plans to raise $125 million by offering 12.5 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, EF Hutton Acquisition would command a market value of $162 million.

The company is led by CEO and Chairman Benjamin Piggott, a Partner at EF Hutton; Co-President and Director Joseph Rallo, the President of EF Hutton; and Co-President and Director David Boral, the CEO of EF Hutton. The company plans to target businesses in the consumer and retail industry with enterprise values between $500 million and $1 billion.

EF Hutton Acquisition was founded in 2021 and plans to list on the Nasdaq under the symbol EFHTU. The company filed confidentially on May 5, 2021. Wells Fargo Securities and Roth Capital are the joint bookrunners on the deal.