Sound Point Acquisition I, a blank check company formed by Sound Point targeting the credit markets, filed on Wednesday with the SEC to raise up to $200 million in an initial public offering.
The New York, NY-based company plans to raise $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 company may raise an additional $50 million at the closing of an acquisition pursuant to a shares-only forward purchase agreement with the sponsor. At the proposed deal size, Sound Point Acquisition I would command a market value of $250 million.
The company is led by CEO and Chairman Stephen Ketchum, the founder, Managing Partner, and CIO of Sound Point Capital Management, an alternative asset manager and registered investment advisor with a particular expertise in credit strategies. The company plans to concentrate its efforts in sectors where Sound Point maintains a deep level of relationships and expertise, particularly in the credit markets.
Sound Point Acquisition I was founded in 2021 and plans to list on the Nasdaq under the symbol SPCMU. The company filed confidentially on September 7, 2021. BofA Securities and J.P. Morgan are the joint bookrunners on the deal.
