Alan Mnuchin-backed SPAC to raise $400 mln via U.S. IPO

Sharecare

17/03/2021 21:06

March 17 (Reuters) - Veteran investment banker Alan Mnuchin
plans to raise $400 million for a blank-check firm through an
initial public offering in the United States, regulatory filings
on Wednesday showed. 
    Falcon Capital Acquisition Corp II, a special purpose
acquisition company, or SPAC, will sell 40 million units,
consisting of shares and warrants, on the Nasdaq Capital Market,
priced at $10 per unit.
    Mnuchin, brother of former U.S. Treasury Secretary Steve
Mnuchin, is a former vice president of Goldman Sachs and the
founder of New York-based investment bank AGM Partners LLC.
    The first SPAC, Falcon Capital Acquisition Corp  FCAC.O ,
took digital health startup Sharecare Inc public in a $3.9
billion deal last month.
    SPACs are shell companies that raise equity to take a
private company public through a merger at a later date,
allowing such companies to sidestep a traditional IPO to enter
public markets. 
    Goldman Sachs & Co LLC is the lead underwriter for the
offering. 

 (Reporting by Sohini Podder in Bengaluru; Editing by Sriraj
Kalluvila)
 ((sohini.podder@thomsonreuters.com;))