The Andretti Acquisition Corporation (AAC), a new business entity formed by motor racing team owner Michael Andretti, has registered with the Securities and Exchange Commission with a goal of raising $250,000,000 through an initial public offering.
AAC, a special purpose acquisition company, seeks to raise the quarter-billion dollars to start as part of a sweeping desire to branch out into a variety of business sectors.
“While we may pursue our initial business combination in any business, industry or geographic location, we currently seek to focus on opportunities that can benefit from the iconic Andretti brand name, both inside and outside of the worldwide motorsports platform and the expertise and ability of our management team to identify, acquire and grow a business in the broadly-defined automotive industry,” it wrote in its SEC filing, which seeks to use the stock symbol WNNR (winner) on the New York Stock Exchange.
“This industry includes, but is not limited to advanced mobility and related next-generation technologies, premium and performance vehicles and replacement automotive parts. We believe that there are highly attractive investment opportunities in the automotive sector arising from increased focus on sustainable living and enhanced consumer experience. Growth in sustainability is being driven by a combination of macroeconomic and social trends as well as the rapid advancement of disruptive technologies which can be further accelerated by a public listing and access to new capital and ownership expertise.”
Provided AAC is able to raise the capitol it seeks, it appears to have vast business ambitions that would be fueled by the sale of 25,000,000 shares at $10 apiece.
“An additional and growing trend in the automotive industry is the development and marketing of products centered on enhancing the consumer experience,” AAC wrote. “We believe that premium brands and superior quality product offerings that enrich consumer lifestyle, augment consumer safety and improve the overall consumer experience would benefit from our management team’s background and vast network of industry relationships.”
AAC’s leadership structure positions Andretti as Co-Chief Executive Officer and former U.S. Concrete CEO Bill Sandbrook as Director Co-Chief Executive Officer and Chairman, Matt Brown as CFO, and five shareholding Director nominees, including McLaren F1 CEO and current Andretti business partner Zak Brown. Andretti’s legendary father Mario is listed as a special advisor to AAC.