C5 Acquisition, a blank check company formed by C5 Capital targeting space, cybersecurity, and energy transition, filed on Friday with the SEC to raise up to $250 million in an initial public offering.
The SPAC plans to raise $250 million by offering 25 million units at a price of $10, where it would command a market value of $313 million. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50.
The company is led by Chairman Steve Demetriou, the Chair and CEO of Jacobs Engineering Group (NYSE: J), and CEO and Director Rob Meyerson, an operating partner at C5 Capital and former President of Blue Origin. CFO David Glickman is a Partner at Resilience Capital.
The SPAC states that it will focus on businesses at the leading edge of national security innovation in three key sectors: space, cybersecurity and energy transition. Sponsor C5 Capital will provide support to its deal-flow and acquisition processes, including in technical and customer due diligence, allowing the SPAC to leverage its network of national security practitioners and investment professionals.
The Washington, DC-based company was founded in 2021 and plans to list on the NYSE under the symbol CXAC.U. Cantor Fitzgerald and Moelis & Company are the joint bookrunners on the deal.