SPAC Andretti Acquisition prices $200 million IPO, as racing champ targets the auto industry

Andretti Acquisition, a blank check company co-led by racing driver Michael Andretti targeting the automotive industry, raised $200 million by offering 20 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50.

The Indianapolis, IN-based company is led by Co-CEO and Director Michael Andretti, a world-renowned racecar driver that has won more Champ Car World Series races than any other driver in its history. He is joined by by Co-CEO and Chairman William Sandbrook, who most recently served as the CEO and Chairman of US Concrete. Michael Andretti's father and fellow racing legend Mario Andretti will serve as a special advisor.

The SPAC plans to target the automotive industry, including advanced mobility and related next-generation technologies, premium and performance vehicles, and replacement automotive parts.

Andretti Acquisition plans to list on the NYSE under the symbol WNNR.U. RBC Capital Markets acted as sole bookrunner on the deal.