Burgundy Technology Acquisition Corporation, which is co-founded and led by tech industry veterans Léo Apotheker and Jim Mackey, has announced that it priced its initial public offering of 30,000,000 units at USD 10.00 per unit, the company said.
The units will be listed on the Nasdaq Capital Market (“Nasdaq”) and are expected to begin trading on August 27, 2020, under the ticker symbol “BTAQU.” Each unit consists of one Class A ordinary share of the Company (each, a “Class A Ordinary Share”) and one-half of one redeemable warrant, with each warrant entitling the holder thereof to purchase one Class A Ordinary Share at a price of USD 11.50 per share. Only whole warrants are exercisable. Once the securities comprising the units begin separate trading, the Class A Ordinary Shares and warrants are expected to be listed on Nasdaq under the symbols “BTAQ” and “BTAQW,” respectively.
Apotheker, the former CEO of German software company SAP SE and The Hewlett-Packard Company, will serve as Chairman and Co-CEO of the Company.
Mackey, who previously worked as a Managing Director, Chairman of Software, Technology Investment Banking team at Citigroup and held senior leadership roles at SAP SE, OpenText and BlackBerry, will serve as Co-CEO and CFO.
The Company is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. While the Company may pursue an initial business combination target in any business or industry, it intends to focus on public and private opportunities in the technology sector, particularly companies in enterprise software or technology-enabled services.
Mizuho Securities USA LLC is acting as the global coordinator and joint book-running manager for the offering. I-Bankers Securities, Inc. is acting as co-manager. The Company has granted the underwriters a 45-day option to purchase up to an additional 4,500,000 units at the initial public offering price to cover over-allotments, if any.