- General
- October 11, 2020
- 3 minutes read
Dan Och Eyes $750M SPAC
Photo by Monikia Flueckiger/World Economic Forum, licensed under Creative Commons Daniel Och, a storied American hedge fund manager and entrepreneur,…
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| Photo by Monikia Flueckiger/World Economic Forum, licensed under Creative Commons |
Daniel Och, a storied American hedge fund manager and entrepreneur, has joined a slew of industry veterans who are looking to cash in on the recent boom of publicly-traded special purpose acquisition companies (SPAC), having just submitted a formal filing with the U.S. Securities and Exchanges Commission to raise $750 million for an SPAC, or blank-check firm as they’re fondly called. The SPAC, named Ajax I, is spearheaded by Och along with Glenn Fuhrman, a co-founder of MSD Capital which is an investment firm that manages money for tech entrepreneur and billionaire Michael Dell.
Och and Fuhrman aren’t the only well-known names involved in the planned SPAC. They’ve also assembled a team of board members that include Instagram co-founder Kevin Systrom, 23andme co-founder Anne Wojcicki, Square co-founder Jim McKelvey, and Chipotle founder Steve Ells, all of whom would spearhead the search for a merger target.
In a filing, Ajax 1 says it’ll seek to merge with a multibillion-dollar asset in an “attractive” industry, with no exact specification of the industry. The blank-check firm intends to sell 75 million shares at $10 each for an aggregate price of $750 million. Investment banks Goldman Sachs, Citigroup, and J.P. Morgan are underwriting its public listing.
