Starboard Value Acquisition files to go public as a ‘blank check’ company, to raise $300 million

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Starboard Value Acquisition Corp. filed Tuesday to go public as a special purpose acquisition company, or “blank check” company, to raise $300 million. The initial public offering will consist of 30 million units priced at $10 each, with the units consisting of one share of Class A common stock, one-sixth of one redeemable warrant and a contingent right to receive at least one-sixth of a one redeemable warrant following the initial merger. Each redeemable warrant will entitle the holder to buy one Class A share for $11.50 a share. The stock is expected to list on the Nasdaq under the ticker symbol “SVACU.” UBS Investment Bank, Stifel and Cowen are the joint book-running managers. Starboard Value Acquisition’s sponsor is SVAC Sponsor LLC, an affiliate of activist investor Starboard Value L.P. The company said it has not yet identified a business combination target, but SPACs have two years to find one. The company is looking to go public at a time that the Renaissance IPO ETF has rallied 27.1% over the past three months, while the S&P 500 has gained 4.7%.
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