initial public offerings (IPOs) trading on American exchanges

Friday, January 1, 2021

Technology SPAC Ark Global Acquisition files for a $250 million IPO

Ark Global Acquisition, a blank check company led by a former Groupon CEO and QIA fund manager targeting disruptive technology, filed on Wednesday with the SEC to raise up to $250 million in an initial public offering.
The Nashville, TN-based company plans to raise $250 million by offering 25 million units at $10. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50. At the proposed deal size, Ark Global Acquisition would command a market value of $313 million.

The company is led by CEO and Director Rich Williams, current advisor at The Value Studio and former CEO of Groupon, and Chairman Sultan Almaadeed, founder of investment platform ENVST and former fund manager at the Qatar Investment Authority who served as Chairman of the Tender Committee. They are joined by CFO Stephen Krenzer, founder of Trabuco Canyon Advisors and former COO of Groupon. 

Ark Global Acquisition intends to explore acquisitions of disruptive technology companies with defensible market positions and an enterprise value of more than $750 million, focusing on consumer internet and marketplaces, healthtech, fintech and mobility companies.

Ark Global Acquisition was founded in 2020 and plans to list on the Nasdaq under the symbol ARKI.U. Jefferies is the sole bookrunner on the deal. 

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