Consumer-focused SPAC Pearl Holdings Acquisition files for a $175 million IPO

Pearl Holdings Acquisition, a blank check company targeting global consumer-focused industries, filed on Wednesday with the SEC to raise up to $175 million in an initial public offering.

The New York, NY-based company plans to raise $175 million by offering 17.5 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, Pearl Holdings Acquisition would command a market value of $219 million.

The company is led by CEO and Chairman Craig Barnett, the CEO of investment firm Meadow Lane Capital and a former Managing Director with Blackstone, Bear Stearns, and PJ Solomon. He is joined by Vice Chairman Terry Duddy, the former CEO of digital retailer Argos, and its successor independent entity Home Retail Group. The company plans to leverage management's experience and target businesses in global consumer-focused industries, including those in the lifestyle, technology, healthcare, and wellness sectors.

Pearl Holdings Acquisition was founded in 2021 and plans to list on the Nasdaq under the symbol PRLHU. Morgan Stanley is the sole bookrunner on the deal.