French magnate Xavier Niel and financier Matthieu Pigasse have joined forces with Moez-Alexandre Zouari, a major shareholder in frozen-food distributor Picard Surgeles, are seeking EUR 250 million (USD 299.6 million) from an initial public offering of a new special purpose acquisition vehicle, or SPAC, dedicated to sustainable consumer goods distribution. The new entity, called 2MX Organic, will offer 25 million units at a price of EUR 10 apiece on Euronext Paris, in a process reserved to qualified investors. Each unit will consist of one redeemable preferred share, or market warrant, and one redeemable warrant, with four market warrants required to subscribe to one new ordinary share at an exercise price of EUR 11.50. The company may raise up to EUR 300 million if the overallotment is exercised in full. The offering, which launches on November 30, 2020, is expected to close at 5pm on November 5, 2020. Shares will trade on Euronext under the ticker 2MX.