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Arrow Capital co-sponsors $240 million Nasdaq tech SPAC
DUBAI, March 8, 2021 Arrow Capital, a regulated financial and investment advisory company, with offices in the Dubai International Financial Centre and Mauritius, announces the closing of the initial public offering of a $240 million technology SPAC, Tribe Capital Growth Corp. Arrow has co-sponsored the SPAC, in partnership with leading Silicon Valley venture capital firm Tribe Capital. Tribe Capital Growth Corp I’s units are trading under the ticker ATVCU on Nasdaq. The blank check company will seek a target in the technology sector, pursuing M&A opportunities with top private technology companies showing inflection points in their growth trajectory.
Tribe Capital Growth Corp I will target the tech sector
by Zainab Mansoor March 8, 2021
Dubai’s financial and investment advisory company, Arrow Capital, confirmed the closing of the initial public offering of a $240m technology SPAC, Tribe Capital Growth Corp I.
Arrow, which has offices in DIFC and Mauritius, has co-sponsored the SPAC, in partnership with Silicon Valley venture capital firm Tribe Capital. Tribe Capital Growth Corp I’s units are trading under the ticker ATVCU on Nasdaq.
The blank check company will seek a target in the technology sector, pursuing M&A opportunities with private technology companies. The deal marks a first for Arrow Capital, which joins a group of Middle East investment firms, including Abu Dhabi’s Mubadala Capital and Saudi Arabia’s Public Investment Fund, who were both involved in recent SPAC investments earlier this year.
Arrow Capital-backed tech SPAC Tribe Capital Growth raises $240m in US IPO
Photo: REUTERS/Beawiharta
March 8, 2021
Tribe Capital Growth I, a tech-focused blank check company formed by Silicon Valley-based early-stage venture capital firm Tribe Capital Management and Singapore-led investment advisory firm Arrow Capital, has raised $240 million in its initial public offering (IPO) on the Nasdaq.
The special purpose acquisition company (SPAC) offered 24 million units at $10 each, with every unit composed of one share of common stock and one-fourth of a warrant, exercisable at $11.50. The units are trading under the ticker ATVCU.
In a statement, the SPAC said it will seek a target in the technology sector, pursuing M&A opportunities with top private technology companies showing inflection in their growth trajectory.
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- Tribe Capital Growth Corp I, a special purpose acquisition company (SPAC) with a focus on technology, has successfully raised $240 million in its initial public offering on The Nasdaq Capital Market.
- The SPAC was co-sponsored by Arrow Capital Group, a leading wealth management and investment advisory firm and Tribe Capital, a leading US venture capital firm.
- One of the first deals of its kind for a Middle East and South East Asia-based SPAC sponsor, investment demand for the SPAC was significant.
- Tribe Capital Growth Corp I will target the tech sector, potentially opening access to diversified investment opportunities for Gulf investors.