Financial Services Focused Avalon Acquisition Files for $ 200 Million IPO
Avalon Acquisition, a blank check firm targeting a company in the financial services industry, filed with the SEC on Friday to raise up to $ 200 million in an initial public offering.
The San Francisco, California-based company plans to raise $ 200 million by offering 20 million units at $ 10. Each unit consists of one common share and one half warrant, exercisable at $ 11.50. At the size of the proposed transaction, Avalon Acquisition will have a market value of $ 250 million.
The company is led by Executive Chairman Donald Putnam, the founder of Grail Partners and Putnam Lovell Securities, and CEO Craig Cognetti, who heads the primary investment practice at Grail Partners. The company plans to target those financial services sectors that are undergoing radical change due to demographic shifts, changing consumer preferences, technological disruption and other innovative forces.
The main shareholder is Avalon Acquisition Holdings with a 20% stake after the IPO, which is managed by Donald Putnam and Craig Cognetti.
Avalon Acquisition was founded in 2020 and plans to be listed on Nasdaq under the symbol AVACU. Maxim Group LLC is the sole bookrunner in the transaction.
The article Financial Services Focused Avalon Acquisition Files for $ 200 Million IPO originally appeared on the renaissancecapital.com website of IPO investment manager Renaissance Capital.
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