Motion Acquisition Corp. (MOTNU) Prices $115M IPO


Motion Acquisition Corp. (MOTNU) Prices $115M IPO

Motion Acquisition Corp. announced the pricing of its $115 million IPO this morning and its units are expected to begin trading on the Nasdaq under the symbol “MOTNU” today, Thursday, October 15.

The new company aims to combine with a middle market company providing enterprise software solutions to clients in the transportation industry. Motion is led by Chairman James M. Travers, CEO and Director Michael Burdiek, CFO and Secretary Richard Vitelle, and EVP of Corporate Development Garo Sarkissian.

Total SPAC deal count for 2020 year-to-date is now 140 with $54.28 billion in gross proceeds raised. This offering is expected to close on Monday, October 19.

Barclays is acting as the sole book running manager for the offering. Graubard Miller is serving as Issuer’s Counsel with Greenberg Traurig PA serving as Underwriter’s Counsel. WithumSmith+Brown, PC serves as auditor. Continental Stock Transfer & Trust Company LLC is acting as trustee.