Genesis Growth Tech Acquisition, a blank check company targeting the consumer internet industry in Europe, Israel, the UAE, or the US, raised $220 million by offering 22 million units at $10. The company offered 2 million more units than anticipated. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50.
The company is led by CEO, CFO, and Chairman Eyal Perez, the founder and Principal of Genesis Advisors; Co-Executive Chairman, CSO, and President Michael Lahyani, the founder and CEO of digital real estate and classifieds portal Property Finder; and Co-Executive Chairman, COO, and Executive Head of M&A Simon Baker, the Chairman of PropTech Group (ASX: PTG).
The company plans to target technology businesses operating primarily in the consumer internet industry with a substantial portion of activities in Europe, Israel, the UAE, or the US.
Genesis Growth Tech Acquisition plans to list on the Nasdaq under the symbol GGAAU. Nomura Securities acted as sole bookrunner on the deal.
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