Onyx Acquisition I, a blank check company led by the founder of JDS Development targeting industrials and construction tech, raised $230 million by offering 23 million units at $10. The company offered 3 million more units than anticipated. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50.
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 plans to list on the Nasdaq under the symbol ONYXU. BTIG acted as sole bookrunner on the deal.
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