- Zillow and Hotwire co-founder Spencer Rascoff is set to roll out his third special purpose acquisition company Tuesday just days after his second one cut a deal to take Offerpad public at a $3B valuation.
- Supernova Partners Acquisition Co. III (NYSE:STRE.U) is scheduled to begin trading on the New York Stock Exchange following a $250M initial public offering.
- The new SPAC’s listing comes less than a week after Supernova Partners Acquisition Co. I (NYSE:SPNV) agreed to acquire Offerpad, a real estate solutions platform.
- Rascoff also previously co-founded Zillow (NASDAQ:Z) and served as its CEO for nearly a decade. Prior to that, he co-founded travel site Hotwire, which Expedia (NASDAQ:EXPE) acquired in 2003 for $685M.
- Additionally, Rascoff serves on the board of Palantir, and formerly had board seats on companies like TripAdvisor and Zulily.
- The tech entrepreneur also recently staged an upsized $300M+ IPO for Supernova Partners Acquisition Co. II (ZNII.U), although that SPAC has yet to make an M&A deal.
- As for Rascoff's newest special purpose acquisition company, executives wrote in STRE.U's S-1 filing with the U.S. Securities and Exchange Commission that “we intend to partner with a technology company focusing on Internet, consumer, media and similar businesses.”
- The SPAC sold 25M investment units at $10 apiece, with each consisting of one Class A share and 0.2 warrants to buy a second share in the future at $11.50.
- STRE.U also gave underwriters the option to purchase 3.75M extra units to cover any overallotments, possibly raising another $37.5M.
- Additionally, the SPAC’s sponsor agreed to invest $7M to buy 3.5M warrants at an unusually high $2 apiece. That will rise to $7.75M for 3.875M warrants if underwriters exercise all overallotment options.
- Plans call for the new SPAC to trade under the ticker “STRE.U.” Its shares and warrants will also eventually list separately as “STRE” and “STRE.WS,” respectively.