Andretti Autosport founder, CEO and chairman Michael Andretti serves as co-CEO of Andretti Acquisition along with his childhood friend Bill Sandbrook, who most recently was CEO of U.S. Concrete.
Andretti Acquisition Corp. is a blank check company incorporated as a Cayman Islands exempted company whose business purpose is to effect a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities. While the company may pursue an initial business combination in any business, industry or geographic location, it currently seeks to focus on opportunities that can benefit from the Andretti brand name, both inside and outside motorsports.
Andretti Acquisition Corp. is looking for a company in either the electrification, racing, luxury/performance, auto aftermarket, autoservice and retail, or disruptive technologies space that it can take public and use its financial acumen/deep relationships to drive shareholder value.
The pricing of its initial public offering of 20,000,000 units was $10.00 per unit. The units will be listed on the New York Stock Exchange (NYSE) and trade under the ticker symbol ‘WNNR.U’. Each unit consists of one Class A ordinary share and one-half of one redeemable public warrant, with each whole public warrant entitling the holder to purchase one Class A ordinary share at a price of $11.50 per share, subject to adjustment, and only whole public warrants being exercisable.
Once the securities comprising the units begin separate trading, the Class A ordinary shares and public warrants are expected to be listed on the NYSE under the symbols “WNNR” and “WNNR WS,” respectively. The offering is expected to close on January 18, subject to customary closing conditions.
RBC Capital Markets, LLC is acting as the sole book-running manager for the offering. The Company has granted the underwriter a 45-day option to purchase up to an additional 3,000,000 units at the initial public offering price to cover over-allotments, if any.
The offering is being made only by means of a prospectus. When available, copies of the prospectus relating to the offering may be obtained from RBC Capital Markets, LLC, Attention: Equity Capital Markets, 200 Vesey Street, New York, NY 10281, by telephone at 877-822-4089 or by email at equityprospectus@rbccm.com.
Since retiring from driving with 42 IndyCar wins to his name – still fourth in the all-time list – Michael Andretti is primarily known as the CEO and chairman of Andretti Autosport, which has five IndyCar Series championships and six Indy 500 wins to its name. Colton Herta finished fifth for the team in last year’s championship with three wins.