Chamath Palihapitiya was one of the first major investors to bring SPAC deals to Wall Street. And now, he’s launching his newest venture onto the New York Stock Exchange.
What’s happening:
- Chamath Palihapitiya has officially filed an S-1 with the United States Securities and Exchange Commission to raise $250M USD and list a new SPAC on the New York Stock Exchange
Why it matters:
- The new SPAC known as American Exceptionalism Acquisition Corp is aiming to do a business combination with a private company in the United States focused on artificial intelligence, energy or defense tech
Going deeper:
- Chamath Palihapitiya will be the chairman of American Exceptionalism Acquisition Corp and will be one of the lead investors in the IPO financing round through his family office and venture capital fund Social Capital
- American Exceptionalism Acquisition Corp will deviate from the traditional capital structure of SPACs and will issue any warrants as part of their IPO financing round
The intrigue:
- The founders shares being issued as part of the formation of the new SPAC will only vest if the share price hits $12.50, $15.00, $17.50 and $20.00
