By Maria Armental
Peter Cuneo, who helped steer Marvel Entertainment from bankruptcy to a roughly $4 billion acquisition by Walt Disney Co., is back with another so-called blank-check company looking to invest in technology, media, telecommunications and sustainability industries, according to a securities filing.
"Our target universe could also include companies undergoing a transition to increase their sustainability profiles, reflecting an opportunity to bring environmentally sustainable practices to companies that may or may not have historically been focused on environmental sustainability," CIIG Capital Partners II Inc. wrote in documents filed with the Securities and Exchange Commission.
Blank-check companies, also known as special-purpose acquisition companies, are publicly traded companies that raise money for potential acquisitions and have become a popular tool among well-known executives.
Mr. Cuneo is CIIG Capital Partners II's executive chairman, while his son Gavin Cuneo and Michael Minnick, co-founder and a managing partner at International Investment Group Holdings, are the chief executives, according to the documents.
The three men, who through the sponsor would retain a roughly 20% stake in the company after the offering, were also behind CIIG Merger Corp., another SPAC that struck a deal to combine with electric-vehicle startup Arrival.
CIIG Capital Partners II, which intends to complete its first deal in about 24 months, is seeking to sell about 30 million units at $10 apiece, with each unit consisting of a Class A share and one-fifth of a warrant.
The sponsor and some funds and accounts managed by BlackRock Inc. subsidiaries agreed to buy about 9 million warrants at $1 apiece in a private placement that is to close at the same time as the offering, according to the documents.
The funds and accounts managed by BlackRock subsidiaries and other funds and accounts managed by Magnetar Financial LLC and funds and accounts managed by Atalaya Capital Management LP, which are also members of the SPAC's sponsor, could buy some $67.5 million worth of units in the offering, or roughly 22.5%, according to the documents.
Auditors have raised "substantial doubt" about the company's ability to meet anticipated obligations over the next year, a so-called going-concern warning. As of Feb. 2, the company had no cash and a working capital deficiency of $6,000, the documents show.
CIIG Capital Partners II seeks to trade on the Nasdaq Capital Market, with units trading under the symbol CIIGU, shares under CIIG and warrants under CIIGW.
Write to Maria Armental at email@example.com
(END) Dow Jones Newswires