3 Firms Guide Pair Of Tech-Focused SPACs Raising $511M

By Tom Zanki (January 14, 2022, 3:00 PM EST) -- Two special-purpose acquisition companies targeting technology-related industries began trading Friday after pricing initial public offerings that raised a combined $511 million, under guidance from three law firms.

Atlantic Coastal Acquisition Corp. II, represented by Pillsbury Winthrop Shaw Pittman LLP, raised $261 million after selling 26.1 million units at $10 each in an upsized IPO. Atlantic Coastal originally planned to sell 25 million units.

Papaya Growth Opportunity I, represented by McDermott Will & Emery LLP, raised $250 million after selling 25 million units at $10 each. Ellenoff Grossman & Schole LLP represented underwriters in both offerings.

SPACs, often called blank-check companies, are...

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