F1 News: Andretti Returns to SPAC Arena and raises $200M

Former IndyCar driver Michael Andretti is back with another blank-check firm in the SPAC arena. Andretti Acquisition Corp. II raised $200 million Thursday to mark the second special-purpose acquisition company bearing the former driver’s name.

The SPAC, which counts William Sandbrook as chairman and William Brown as chief executive officer, joins SPACs led by the likes of Howard Lutnick in pricing offerings in recent weeks.

Andretti’s SPAC sold 20 million units at $10 apiece, according to a statement. BTIG served as the underwriter on the offering and the firm has been granted an option to buybnews up to 3 million units.

The SPAC, which counts Andretti as a special adviser and director, is the first to price this month after proceeds topped more than $2 billion in August in the busiest month since 2022.

Andretti’s first SPAC took artificial intelligence startup Zapata Computing Holdings Inc. public earlier this year. Its shares have plummeted more than 95% since then, closing at about 46 cents Thursday. The company is one of dozens to trade for pennies compared to the $10 blank checks typically go public at.

While it has not selected a target industry or geography, the SPAC plans to focus on businesses with a lasting competitive advantage, a sizable market share, and a seasoned management team, among other characteristics.

Andretti Acquisition II plans to list on the Nasdaq under the symbol POLEU. BTIG acted as sole bookrunner on the deal.

Will the $200 million be used to help Andretti Global enter Formula 1 either as a new team or by buying an existing team?