Wilbur Ross-backed SPAC looks to raise up to $300 million in IPO

FILE PHOTO: U.S. Commerce Secrettary Wilbur Ross departs following a joint news conference between U.S. President Donald Trump and Poland’s President Andrzej Duda in the Rose Garden at the White House in Washington, U.S., June 24, 2020. REUTERS/Carlos Barria/File Photo

(Reuters) – A blank-check company backed by former U.S. Secretary of Commerce Wilbur Ross is looking to raise up to $300 million in its initial public offering, according to the company’s filing.

Ross Acquisition Corp II said in the filing it plans to sell 30 million units at $10 each.

Wilbur Ross is among a growing list of politicians and government officials who have backed blank-check firms. Prominent figures including former House Speaker Paul Ryan and Gary Cohn, former adviser to Donald Trump, have also raised millions through their blank-check firms.

The company said it intends to identify a target business with either all or a substantial portion of its activities in North America, Europe, or Asia.

Blank-check companies, also known as special purpose acquisition companies (SPACs) had a record run in 2020, raising more than $82 billion through IPOs. In January 2021, ninety-one SPACs raised $25.09 billion, according to data provider Dealogic.

Ross Acquisition said it plans to list its units on the New York Stock Exchange under the symbol “ROSS.U”.

BofA Securities is the underwriter for the offering.

Reporting by Niket Nishant in Bengaluru