Peter Thiel starts a $575 million SPAC called Bridgetown Holdings

Source: Wikipedia

Peter Thiel, co-founder of PayPal Holdings, Inc. (NASDAQ: PYP) and Palantir Technologies is involved in a new special purpose acquisition company (SPAC).

Thiel is known for his ties to the Trump administration, which is rare for Silicon Valley investors. He also sits on the board of Facebook Inc (NASDAQ: FB). 

On Wednesday, he filed with the Securities and Exchange Commission (SEC) for a $575 million initial public offering (IPO) of SPAC called Bridgetown Holdings, a Cayman Island LLC.

Thiel and Richard Li created the blank check company, which is seeking “new economy” technology, financial services, and media companies in Southeast Asia. SPAC’s recombine businesses through strategic purchases, reorganizations, and other innovations.

It was formed as a collaboration between Hong Kong-based Pacific Century, founded by Li and Thiel Capital, Thiel’s vehicle-based personal investment company that operates out of Los Angeles. 

The newly minted blank check company is focusing on acquiring fintech a or media company in Southeast Asia.

Bridgetown Holdings IPO price

Bridgetown Holdings stated in the filing that the offering price for its securities is $10 per unit, which consists of one of its Class A ordinary shares and one half of one redeemable warrant. It is offering 50,000,000 units of its securities.