USA Acquisition, a blank check company formed by Union Square Advisors targeting the tech sector, filed on Friday with the SEC to raise up to $150 million in an initial public offering.
The San Francisco, CA-based company plans to raise $150 million by offering 15 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. Anchor investors intend to purchase 9.9% of units in the offering, and the company may raise an additional $40 million at the closing of an acquisition pursuant to a forward purchase agreement with the anchor investors. At the proposed deal size, USA Acquisition would command a market value of $188 million.
The company is led by Chairman Carter McClelland and CEO and Director Edward Smith, the co-founders of technology investment bank Union Square Advisors, where they serve as Chairman and President, respectively. They are joined by President and Director Michael Meyer, a Partner at Union Square Advisors. The company plans to target the enterprise software and software-enabled services sectors, focusing on businesses with enterprise values of $1 billion and higher.
USA Acquisition was founded in 2021 and plans to list on the Nasdaq under the symbol USAXU. Jefferies and BTIG are the joint bookrunners on the deal.
