New IPO Filing: ChaSerg Technology Acquisition Corp. Files for $200M SPAC
by Kristi Marvin on 2018-09-12 at 6:49pm

Late Wednesday afternoon, ChaSerg Technology Aqcuisition Corp. filed for a $200 million IPO with a focus on the technology sector.

ChaSerg will be led by Lloyd Carney, as CEO and a Director, and Eric Benhamou, as President, CFO and Director. Notably, Mr. Carney was CEO of Micromuse, an enterprise and telecom network management company. Mr. Carney eventually led the sale of Micromuse to IBM for $865 million. Mr. Benhamou is the former CEO of 3Com, a networking equipment vendor, serving as CEO from 1990 to 2000, and as Chairman until 2010.

This SPAC follows a standard structure with no surprises or new terms to review. A summary of terms has been provided below, but you can review the the profile page with management bios here.

ChaSerg Technology Summary of Terms:
  • Focus: Technology
  • Size: $200 million
  • 100.0% held in trust ($10.00 per share)
  • $10.00 unit comprised of one share of Class A Common Stock + 1/2 of a full Warrant 
  • Warrant call for redemption trigger: equals or exceeds $18.00 (cash or cashless exercise)
  • 18 months to complete an acquisition
  • Limitation on Redemption Rights: 15%
  • At-risk Capital: $6.0 million (600,000 units at $10.00.  Sponsor = 500,000 units, Cantor = 100,000 units)
  • Underwriter fees: 2.0% + 3.5% deferred. 

 

Cantor is sole book-running manager.

Ellenoff Grossman & Schole LLP and Graubard Miller are Issuer’s Counsel and Underwriter’s Counsel, respectively.

 

Recent Posts
by Nicholas Alan Clayton on 2024-03-29 at 7:38am

At the SPAC of Dawn On a day when the US markets are closed, there’s always a chance of SPAC actions sliding by as the SEC has left its EDGAR filing system open. Right on cue, Welsbach Technology (NASDAQ:WTMA) filed that it had come to a definitive agreement with battery production technology firm Evolution Metals....

by Nicholas Alan Clayton on 2024-03-28 at 1:35pm

News and Rumors PR: Bannix (NASDAQ:BNIX) has provided more information on the combination with VisionWave that it announced yesterday, specifying that the imaging technology that VisionWave will acquire from GBT Technologies will primarily seek out applications in military combat scenarios and geological surveys. PR: Grove Collaborative (NYSE:GROV), which combined with Virgin Group II in June...

by Nicholas Alan Clayton on 2024-03-28 at 7:47am

At the SPAC of Dawn Fed Chair Jerome Powell has given new hints that the administration would be showing greater levels of comfort with inflation if a cut could help improve unemployment numbers. Those numbers could get an update today at 8:30 am ET to bring new jobless claims as well as final prices for...

by Nicholas Alan Clayton on 2024-03-27 at 1:31pm

News and Rumors CNBC: Former WeWork (OTC Pink:WEWKQ) founder Adam Neumann has offered to buy back control of the company for $500 million but has yet to secure the necessary financing. WeWork went public with BowX in October 2021. PR: Satellite telecom firm Spire Global (NYSE:SPIR) has signed an agreement to build and launch two...

by Nicholas Alan Clayton on 2024-03-27 at 11:38am

Bannix (NASDAQ:BNIX) has entered into a definitive agreement to combine with VisionWave Technologies for $30 million. The combined company is expected to trade on the Nasdaq once the deal is completed with an initial outside date of September 14. Transaction Overview Bannix has about $17 million in its trust after seeing 77.4% of its shares...

logo

Copyright © 2023 SPACInsider, Inc. All Rights Reserved