Berenson Acquisition Corp. I, has priced its initial public offering of 25,000,000 units at a price of $10.00 per unit. The units are expected to be listed on the New York Stock Exchange and trade under the ticker symbol “BACA.U.” Each unit consists of one share of the company’s Class A common stock and one-half of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one share of Class A common stock at a price of $11.50 per share. Once the securities comprising the units begin separate trading, the company expects that its Class A common stock and warrants will be listed on the New York Stock Exchange under the symbols “BACA” and “BACA WS,” respectively.
The company was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses. The company’s efforts to identify a prospective target business will not be limited to a particular industry or geographic location, although it plans to focus on businesses operating in the software and technology-enabled services industry with a total enterprise value in excess of $1 billion. Navigation Capital Partners Inc. is a member of the company’s sponsor group.
BofA Securities and Wells Fargo Securities LLC are acting as joint bookrunners. The Company has granted the underwriters a 45-day option to purchase up to 3,750,000 additional units at the initial public offering price to cover over-allotments, if any.