Late Wednesday afternoon, ChaSerg Technology Aqcuisition Corp. filed for a $200 million IPO with a focus on the technology sector.
ChaSerg will be led by Lloyd Carney, as CEO and a Director, and Eric Benhamou, as President, CFO and Director. Notably, Mr. Carney was CEO of Micromuse, an enterprise and telecom network management company. Mr. Carney eventually led the sale of Micromuse to IBM for $865 million. Mr. Benhamou is the former CEO of 3Com, a networking equipment vendor, serving as CEO from 1990 to 2000, and as Chairman until 2010.
This SPAC follows a standard structure with no surprises or new terms to review. A summary of terms has been provided below, but you can review the the profile page with management bios here.
ChaSerg Technology Summary of Terms:
- Focus: Technology
- Size: $200 million
- 100.0% held in trust ($10.00 per share)
- $10.00 unit comprised of one share of Class A Common Stock + 1/2 of a full Warrant
- Warrant call for redemption trigger: equals or exceeds $18.00 (cash or cashless exercise)
- 18 months to complete an acquisition
- Limitation on Redemption Rights: 15%
- At-risk Capital: $6.0 million (600,000 units at $10.00. Sponsor = 500,000 units, Cantor = 100,000 units)
- Underwriter fees: 2.0% + 3.5% deferred.
Cantor is sole book-running manager.
Ellenoff Grossman & Schole LLP and Graubard Miller are Issuer’s Counsel and Underwriter’s Counsel, respectively.
Terms Tracker for the Week Ending July 3, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. We’re heading into the July 4th holiday, so we’ll keep this week’s column short and to the point. But before you head to the beach,...
Crown PropTech (OTC:CPTKW) has entered into a definitive agreement to combine with rare earth mining firm Mkango Resources (TSX-V:MKA) at a pre-money equity value of $400 million. London-based Mkango is working to commercialize a chain of rare earth mining and refining facilities in Africa and Europe. The combined company is expected to trade on the...
At the SPAC of Dawn One of the biggest sources of uncertainty in the SPAC market in recent years has been regulatory changes, but new shifts could be in its favor. SEC Chairman Paul Atkins told CNBC yesterday that the commission would review the rules for SPACs after “rather controversial” changes to the rules passed...
McKinley Acquisition Corporation (NASDAQ:MKLYU) has filed for a $150 million SPAC to hunt for an innovative target company with an experienced financial team that has dabbled in SPACs before. The new SPAC is offering investors one right to a 1/10 share in each unit with no overfunding of the trust, but it could provide a...
At the SPAC of Dawn The rain of SPACs has continued with four expected to make their debuts during today’s trading sessions after pricing their IPOs overnight. The largest of these, EQV Ventures II (NASDAQ:EVACU), even managed an upsize, making it the largest SPAC IPO since Ares II (NYSE:AACT) pulled together $450 million in 2023....