Ross Acquisition II, a blank check company formed by Wilbur Ross and the co-founders of BroadPeak Global, raised $300 million by offering 30 million units at $10. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50.
The company is led by CEO and Chairman Wilbur Ross, who recently served as Secretary of Commerce under the Trump Administration and previously was the Founder, Chairman, and Chief Strategy Officer of WL Ross & Co. He is joined by CFO Stephen Toy and Head of M&A Nadim Qureshi, who collectively founded private equity firm BroadPeak Global in 2020 and previously held roles with Invesco. Director Larry Kudlow joins the board, after serving as Director of the National Economic Council under the Trump Administration.
Wilbur Ross's previous SPAC, WL Ross Holding, went public in June 2014 and completed its acquisition of Nexeo Solutions in June 2016. Nexeo was acquired by Univar for $1.1 billion in September 2018.
Ross Acquisition II has not specified a target industry and intends to focus its efforts on identifying a prospective target business with either all or a substantial portion of its activities in North America, Europe, or Asia.
Ross Acquisition II plans to list on the NYSE under the symbol ROSS.U. BofA Securities and Credit Suisse acted as lead managers on the deal.
The article SPAC Ross Acquisition II, led by Wilbur Ross and BroadPeak founders, prices $300 million IPO originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.
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