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IoT SPAC Four Leaf Acquisition prices downsized $52 million IPO

March 16, 2023

Four Leaf Acquisition, a blank check company targeting the IoT space or adjacent spaces, raised $52 million by offering 5.2 million units at $10. The company offered 1.3 million fewer units than anticipated. Each unit consists of one share of common stock and one warrant, exercisable at $11.50.

The company is led by CEO and Director Angel Orrantia, the President of corporate strategy services firm i2i and Partner and Advisor at full-service management accelerator Advantary LLC, and Chairman Bala Padmakumar, a Partner at Advantary LLC and CEO of May 2022 IPO Monterey Capital Acquisition (MCAC; +5% from $10 offer price), which has a pending merger agreement with IoT systems provider ConnectM. The SPAC plans to target the Internet of Things (IoT) and adjacent technologies that target the IoT market.

Four Leaf Acquisition plans to list on the Nasdaq under the symbol FORLU. EF Hutton acted as sole bookrunner on the deal.