SPAC Ledger Acquisition files for a $150 million IPO, targeting fintech

Ledger Acquisition, a blank check company targeting fintech, filed on Thursday with the SEC to raise up to $150 million in an initial public offering.

The 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. At the proposed deal size, Ledger Acquisition would command a market value of $188 million. 

Ledger Acquisition is led by CEO and Chairman Peter Vessenes, the co-founder of Noteworthy, a designer of physical banknotes that represent various denominations of Bitcoin and other digital currencies, and founder and Chairman of blockchain strategy and tech group New Alchemy. He is joined by CFO Mattan Lurie, a Venture Partner at Hanaco Ventures.

The company plans to leverage management's experience and target fintech-related businesses, including those in the blockchain ecosystem. Within the fintech sector, Ledger Acquisition will focus on three vertical groupings: payments, wealth management/financial management solutions, and insurance technology ("Insurtech").

The Seattle, WA-based company was founded in 2021 and plans to list on the Nasdaq under the symbol LEDGU. CITIC CLSA and Barclays are the joint bookrunners on the deal.