Reverence Capital-sponsored SPAC files to go public

Reverence Acquisition Corp. filed for an IPO of 30.0 million units at $10.00 apiece, for estimated gross proceeds of $300.0 million.

The offering comes with a 45-day overallotment option for the underwriters to buy up to 4.5 million additional units. Each unit comprises one class A ordinary share and one-third of one redeemable warrant, with each whole warrant entitling the holder to buy one class A ordinary share at $11.50 apiece.

The special purpose acquisition company, or SPAC, is sponsored by Reverence Acquisition Holdings LLC, an affiliate of financial service-focused private equity firm Reverence Capital Partners LP. The sponsor agreed to buy 6.0 million warrants at $1.50 apiece in a private placement that will take place concurrently with the IPO closing.

Gross proceeds from the IPO and private placement, assuming the full exercise of the overallotment option, are expected to come to $354.9 million.

The SPAC said its target company for a merger may come from any industry or geographic region, but it sees financial technology and other segments of the financial service market as particularly attractive.

The company seeks to apply to have its units listed on the Nasdaq Capital Market under the ticker RCPIU. The company's class A ordinary shares and warrants are expected to trade on the same exchange under the respective symbols RCPI and RCPIW.

Goldman Sachs & Co. LLC, Citigroup Global Markets Inc., Cantor Fitzgerald & Co. and Siebert Williams Shank & Co. LLC are the underwriters for the IPO.