Founder SPAC (FOUNU) Prices $275M IPO

Founder SPAC announced the pricing of its $275 million IPO and its shares are expected to begin trading on the Nasdaq under the symbol “FOUNU” Friday, October 15.

The new SPAC intends to focus on finding high-quality companies actively engaged in the digital transformational change with an enterprise value between $1.0 to $2.5 billion, with an emphasis on SaaS applications, optimization solutions, security, edge computing, and AI. Founder SPAC is led by Executive Chairman Hassan Ahmed, CEO Osman Ahmed, and CFO Manpreet Singh.

Total SPAC deal count for 2021 year-to-date is now 468. This offering is expected to close on Tuesday, October 19.

Jefferies is acting as the sole book running manager for the offering. Winston & Strawn LLP is serving as Issuer’s Counsel with Sullivan & Cromwell LLP serving as Underwriter’s Counsel. Grant Thornton LLP serves as auditor. Continental Stock Transfer & Trust Company is acting as trustee.