VC-led SPAC PROOF Acquisition I prices upsized $240 million IPO

PROOF Acquisition I, a blank check company targeting enterprise software, healthcare, fintech, and consumer, raised $240 million by offering 24 million units at $10. The company offered 4 million more units than anticipated. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50.

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. 

PROOF Acquisition I plans to list on the NYSE under the symbol PACI.U. BofA Securities acted as sole bookrunner on the deal.