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HelloFresh Founder Lists $300 Million SPAC For European Tech Buyouts Tio Tech Dominik Richter, CEO and founder of HelloFresh, and venture capital investor Roman Kirsch have raised $300 million for a blank-check company to reverse-merge with European tech companies. Richter, who floated the Berlin-based meal-kit delivery company on the Frankfurt Stock Exchange in 2017, said the Tio Tech Spac would be focused on acquiring consumer tech, Fintech, SaaS, or media companies. A merger with a blank-company could offer founders access to much-needed late-stage capital capital without the regulatory hoops involved in an initial public offering, said Richter. “I think what has become clear to us that it s become a very viable alternative for late-stage growth companies to go public,” said Richter. “If you look at the traditional IPO process and I think it’s extremely time consuming and I know that from my experience at HelloFresh.it distracts you from running the ....
NAAC s Gary Quin on a screen in New York NAAC s Gary Quin on a screen in New York It has only been listed for a week, but North Atlantic Acquisition Corp (NAAC), a special purpose acquisition company (Spac) formed to hunt for targets within the next two years, has already been inundated with interest. Gary Quin, its chief executive, tells Euromoney that he’s fielding a wealth of inbound pitches for business combinations, many of which are from investment banks keen to line up an alternative option for clients already in their own IPO pipelines. Having originally filed to raise $300 million, the NAAC Spac ended up being upsized to $379.5 million when it listed on Nasdaq on January 22. The structure is a typical one, with 37.95 million units priced at $10 each, comprising one Class A share and one third of a redeemable warrant that entitles holders to buy further shares at $11.50. The bookrunners were Wells Fargo and BTIG, a brokerage that grew out of ....