SPAC SUMA Acquisition prices $150 million IPO, targeting technology in North America
IPO Overview
SUMA Acquisition, a blank check company targeting technology in North America, raised $150 million by offering 15 million units at $10. Each unit consists of one share of common stock and one right to receive one-fifth of a share upon the completion of an initial business combination.
The company began trading on Wednesday, 3/11. Its units closed the first day at $10.01.
SUMA Acquisition is led by CEO and Director Naseem Saloojee, who previously co-founded e-commerce platform Carbon6 Technologies and served as Managing Partner of Noetic Psychedelic Fund. He is joined by CFO and Director David King, the founder and Managing Member of Palermo Capital Management.
The SPAC may pursue an business combination in any industry or geography, but intends to focus its search in the technology industry in North America, including both next generation and legacy areas.
SUMA Acquisition plans to list on the Nasdaq under the symbol SUMAU. Seaport Global acted as sole bookrunner on the deal.
About the Company
We are a blank check company newly incorporated for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities. While we may pursue an initial business combination target in any industry or geographical location, we intend to focus our search in North America across the technology industry, including the next generation and traditional sectors.
