Monroe Capital has sponsored MCAP Acquisition Corporation, a special purpose acquisition company (SPAC). This is the third SPAC Monroe has participated as a sponsor investor.
In 2018, Monroe co-sponsored Thunder Bridge Acquisition, Lt. and supported its successful business combination with Repay Holdings Corporation. In 2019, Monroe co-sponsored Thunder Bridge Acquisition, Ltd II, which has entered into a definitive merger agreement with indie Semiconductor.
MCAP may pursue an initial business combination target in any business, industry or sector, but it intends to capitalise on the differentiated ability of the Sponsor’s manager to source, acquire and manage software, technology-enabled, and business services companies. MCAP announced the pricing of its upsized initial public offering of 27,500,000 units at a price of USD10.00 per unit.
The Company’s units are listed on the Nasdaq Stock Market and started trading under the symbol “MACQU” today. Once the securities comprising the units begin separate trading, the Company expects that its Class A common stock and warrants will be listed on the Nasdaq Stock Market and trade under the symbols MACQ and MACQW, respectively.
The Company is led by CEO and Chairman Theodore Koenig, who is President, CEO & Founder of Monroe Capital and has been the CEO and Chairman of Monroe Capital Corporation since 2011. He is joined by Co-President Zia Uddin, who is a Partner at Monroe Capital; Co-President Mark Solovy, who serves as a Managing Director and Co-Head of the Technology Finance Group at Monroe Capital; and CFO Scott Marienau, who is the CFO of Monroe Capital’s management company. Further, the Company will leverage the significant industry expertise of its eight-person advisory board.
“We are excited to offer a SPAC as another vehicle for Monroe’s investment platform,” says Koenig. “It will offer a different and compelling way for our clients to go public versus a traditional IPO. The SPAC will offer non-control, minority investment for a company looking to fund growth and acquisitions.