Education SPAC Excolere Acquisition lowers deal size by 13% ahead of $175 million IPO

Excolere Acquisition, a blank check company targeting the education and human capital management industries, lowered the proposed deal size for its upcoming IPO on Thursday.

The Los Angeles, CA-based company now plans to raise $175 million by offering 17.5 million units at $10. The company had previously filed to offer 20 million units at the same price. 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, Excolere Acquisition will raise -13% less in proceeds than previously anticipated.

The company is led by CEO and Chairman Anthony Miller, co-founder and Managing Partner of Excolere Equity Partners, and COO and Director Peter Davis, co-founder Excolere Equity Partners and an Advisor to investment firms Avathon Capital and Platform Ventures. Excolere Acquisition intends to focus on the education and human capital technology and services sectors in North America, targeting businesses with aggregate enterprise values between $500 million and $2.5 billion.

Excolere Acquisition was founded in 2021 and plans to list on the Nasdaq under the symbol EXACU. UBS Investment Bank is the sole bookrunner on the deal.