TheSpac targets 50 mln euros from investors. Listing in a few weeks

TheSpac targets 50 mln euros from investors. Listing in a few weeks
TheSpac, a new Special Purpose Acquisition Company promoted by Marco Galateri di Genola, Vitaliano Borromeo e Giovanni Lega (see here a previous post by BeBeez), filed last week to Borsa Italiana for listing at the Aim Italia market in the next few weeks and started its fundraising yesterday. TheSpac is supported by Banca Imi as global coordinator and Nomad (download here the press release). TheSpac aims at raising 50 million euros from institutional and professional investors targeting Italian SMEs with a pre-money equity value in a range between 70 and 200 million euros. Promoters will invest personally 10.1 million euros in their Spac or 20% of the total fundraising target, of which 8 millions will be invested in ordinary shares. This is a much more than usual involvement by the promoters into the Spac. Moreover their lock-up period for conversion of the special shares will be 18 months, longer than the standard market period of 12 months. Marco Galateri di Genola, engineer, president and shareholder of Sagittario spa, holding company, holds the role of chairman in TheSpac. During his career he managed and was a shareholder of companies operating mainly in the industrial plants sector, in particular chemical and petrochemical plants, on all the main world markets. Vitaliano Borromeo, vice president of TheSpac, is an entrepreneur, president of several Italian companies including Flos spa, leader in the production of lamps and lighting design, SAG srl, a[...]

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