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.
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