Abu Dhabi: Blue Whale Acquisition Corp I, a special purpose acquisition company (SPAC) formed by an affiliate of Mubadala Capital announced on Wednesday priced its initial public offering of 20,000,000 units at $10 per unit.
The units will be listed on the Nasdaq Capital Market (Nasdaq) in the US and trade under the ticker symbol BWCAU beginning on August 4, 2021.
The company is sponsored by Mubadala Capital, the asset management subsidiary of Mubadala Investment Company (Mubadala), the Abu Dhabi headquartered sovereign investor with more than $243 billion of assets under management.
The company was formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses in the media, entertainment and technology industries.
The company is led by Maxime Franzetti, Head of Public Equities and SPACs at Mubadala Capital, Adib Mattar, Head of Private Equity at Mubadala Capital and Russ Pillar, Founder and Executive Chairman of Reigning Champs, the world’s largest NCAA-compliant path-to-college company for student-athletes, and Senior Advisor to Mubadala Capital.
Classes of shares offered
Each unit offered for sale consists of one Class A ordinary share, and one-fourth of one warrant to purchase one Class A ordinary share, for $10 per unit.
In addition, MIC Capital Partners (Public) Parallel Cayman, LP, the direct parent of the sponsor, has agreed to enter into a forward purchase agreement that will provide for the purchase, at its discretion, of up to $5 million forward purchase units, each consisting of one Class A ordinary share, or a forward purchase share, and one-fourth of one warrant to purchase one Class A ordinary share, or a forward purchase warrant, for $10 per unit, in a private placement to close substantially concurrently with the closing of the initial business combination.
MIC Capital Partners (Public) Parallel Cayman, has also committed to purchase 2 million units of the 20 million public shares sold in this offering at the offering price of $10 per unit. When the securities comprising the units begin separate trading, the company expects that the Class A ordinary shares and warrants will be listed on Nasdaq under the symbols BWC and BWCAW, respectively.
Goldman Sachs & Co. LLC and BofA Securities are acting as book-running managers in the offering. The company has granted the underwriters a 45-day option to purchase up to 3,000,000 additional units at the initial public offering price to cover over-allotments, if any.