PROOF Acquisition Corp. I (PACI.U) Prices Upsized $240M IPO


PROOF Acquisition Corp. I (PACI.U) Prices Upsized $240M IPO

PROOF Acquisition Corp. I announced the pricing of its upsized $240 million IPO and its units are expected to begin trading on the NYSE under the symbol “PACI.U” Wednesday, December 1.

The new SPAC intends to identify and merge with a business that has the potential to achieve sustainable growth and which addresses a large and growing market. PAC I believes there are attractive trends in several industries, including the enterprise software, healthcare, financial technology, and consumer sectors, although it may pursue an acquisition in any business industry or sector. PROOF I is led by Chief Executive Officer and Member of the Board John C. Backus, Jr., Chief Financial Officer Steven P. Mullins, General Counsel and Corporate Secretary Michael W. Zarlenga, and Chairman of the Board Peter C. Harrison.

Total SPAC deal count for 2021 year-to-date is now 564. This offering is expected to close on Friday, December 3.

BofA Securities is acting as the sole book-running manager for the offering. Steptoe & Johnson LLP is serving as Issuer’s Counsel with Deringer US LLP serving as Underwriter’s Counsel. Marcum LLP serves as auditor. Continental Stock Transfer & Trust Company is acting as trustee.