BOA Acquisition: A New SPAC Targeting PropTech Industry Files for a $175 Million IPO

BOA Acquisition, a blank check company led by real estate and finance veterans, has filed for a $175 million initial public offering (IPO) on Thursday.

In a filing submitted to the U.S. Securities and Exchange Commission (SEC), the SPAC intends to raise $175 million by offering 17.5 million units at $10 apiece. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50.

According to these details, BOA Acquisition will have a market capitalization of $219 million. The company will list on The New York Stock Exchange (NYSE) under the symbol “BOAS.”

BOA Acquisition is focused on businesses that provide technological solutions and innovation to the broader real estate industry, the so-called “PropTech”.

“[We] believe the application of innovative digital technologies, services, and solutions to streamline the marketplace and disrupt standardized practices provides an attractive opportunity for business combinations. We intend to focus on businesses that provide technological solutions and services that cover the entirety of the real estate space,” it is said in the filing.

The Chairman of BOA Acquisition is Scott Seligman, who holds the same position at the Seligman Group, a real estate company that owns large retail properties in California, Hawaii, Michigan, Nevada, New Mexico, and Virginia.

Brian Friedman is a Chief Executive Officer (CEO) and Chief Information Officer (CIO). He is also serving as the Managing Partner of Foxhall Partners and as a founder and partner at Friedman Capital. The company’s Chief Financial Officer (CFO) is Benjamin Friedman, who used to hold the position of a Director and Senior Trader at Citigroup Global Markets.

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