(Bloomberg) -- Former IndyCar driver Michael Andretti is back with another blank-check firm as the US market for a once-hot investing trend shows new momentum with mostly seasoned backers attracting billions in cash.
Andretti Acquisition Corp. II raised $200 million Thursday to mark the second special-purpose acquisition company bearing the Andretti 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 buy 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.
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