VC-led SPAC Proof Acquisition I files for a $200 million IPO

Proof Acquisition I, a blank check company targeting the enterprise software, health care, financial technology and consumer sectors, filed on Friday with the SEC to raise up to $200 million in an initial public offering.

The 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, Proof Acquisition I would command a market value of $250 million.

Proof Acquisition I is led by CEO John Backus, Jr., a founder and Managing Director of venture firm PROOF.VC; CFO Steven Mullins, the former CFO of InteliData Technologies; and Chairman Peter Harrison, founder and General Partner of impact investing fund Sand Hill Capital. 

The Reston, VA-based company was founded in 2021 and plans to list on the NYSE under the symbol PACI.U. Proof Acquisition I filed confidentially on May 28, 2021. BofA Securities is the sole bookrunner on the deal.