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Leo Hindery’s New SPAC Aims To Raise $360 Million in IPO

A pile of money
(Image credit: Chris Clor via Getty Images)

Leo Hindery’s second special purpose acquisition company (SPAC), Trine II Acquisition Co. said it plans to raise $360 million by selling 36 million units, consisting of one share and a half a warrant, for $10 per unit.

In its initial filing with the SEC in February Trine II said it planned to raise $425 million by selling 42.5 million shares at $10 each. 

SPACs are publicly held “blank check” companies formed to purchase or merge with another company. Trine II was formed to acquire companies in the telecom, media and technology industries.

Hindery is the former president of Tele-Communications Inc., CEO of AT&T Broadband and CEO of the YES Network.

Pierre M. Henry is CEO of Trine II and was also CEO of Trine I.

Trine I agreed to acquire 3D printing company Desktop Metal in August. 

Morgan Stanley is serving as the sole book-running manager for this offering. Trine II is expected to be listed on the New York Stock Exchange under the symbol TRAQ.