Activist Hedge Fund Starboard Value Files IPO for SPAC, Seeks $300M Valuation

August 18, 2020 8:46 AM EDT

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Activist hedge fund Starboard Value LP announced that Starboard Value Acquisition Corp. has filed a registration statement on Form S-1 with the SEC relating to the proposed initial public offering of 30,000,000 units at a price of $10.00 per unit, consisting of one share of Class A common stock, one-sixth of one redeemable warrant, and a contingent right to receive at least one-sixth of one redeemable warrant. Each whole warrant entitles the holder to purchase one share of Class A common stock at a price of $11.50 per share. The Company has applied to list its units on The Nasdaq Stock Market under the symbol “SVACU.”

SVAC is a new blank check company incorporated for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. The Company’s sponsor, SVAC Sponsor LLC, is an affiliate of Starboard Value LP.

While the Company may pursue an acquisition opportunity in any industry or sector, it intends to focus on industries that align with the background and experience of its Sponsor and industry advisors. These industries include the technology, healthcare, consumer, industrials and hospitality & entertainment sectors.

UBS Securities LLC, Stifel, Nicolaus & Company, Incorporated and Cowen and Company, LLC are acting as joint book-running managers for the offering. The Company has granted the underwriters a 45-day option from the date of the final prospectus to purchase up to an additional 4,500,000 units to cover over-allotments, if any.

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