Automotive SPAC Andretti Acquisition lowers deal size by 20% ahead of $200 million IPO

Andretti Acquisition, a blank check company co-led by racing driver Michael Andretti targeting the automotive industry, lowered the proposed deal size for its upcoming IPO on Tuesday.

The Indianapolis, IN-based company now plans to raise $200 million by offering 20 million units at $10. The company had previously filed to offer 25 million units at $10. Each unit still consists of one share of common stock and one-half of a warrant, exercisable at $11.50. At the revised deal size, Andretti Acquisition will raise -20% less in proceeds than previously anticipated.

The company is led by Co-CEO and Chairman William Sandbrook, who most recently served as the CEO and Chairman of US Concrete, and Co-CEO and Director Michael Andretti, a world-renowned racecar driver that has won more Champ Car World Series races than any other driver in its history. Andretti's father and fellow racing legend Mario Andretti will serve as a special advisor. The company plans to target the automotive industry, including advanced mobility and related next-generation technologies, premium and performance vehicles, and replacement automotive parts.

Andretti Acquisition was founded in 2021 and plans to list on the NYSE under the symbol WNNR.U. RBC Capital Markets is the sole bookrunner on the deal.