Omeed Malik Is Planning New SPAC Despite Tepid Market
(Bloomberg) -- Omeed Malik, founder of Farvahar Partners and 1789 Capital, is planning to raise a new special purpose acquisition company, despite a chill in the market for the once-hot investment vehicle.
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Malik, a former Bank of America Corp. managing director, aims to gather at least $130 million for the new SPAC, known as Colombier Acquisition Corp. II, according to people with knowledge of the matter. Details could be filed with the US Securities and Exchange Commission as soon as this week, the people said, asking not to be identified discussing confidential information.
The blank-check firm intends to merge with a fast-growing company or companies in any industry, the people added.
A Colombier representative declined to comment.
Malik’s first SPAC, Colombier Acquisition Corp., merged with PublicSq, a small-business marketplace catering to buyers it describes as “freedom loving,” to form PSQ Holdings Inc.
Colombier II’s board of directors is set to include Christopher Buskirk, the chief investment officer of 1789 Capital; Relativity Media co-founder Ryan Kavanaugh and PublicSq Chief Executive Officer Michael Seifert, the people said.
Year-to-date, 18 US SPACs have raised a combined $2.5 billion, according to data compiled by Bloomberg. This compares to 65 vehicles with $11 billion over the same period last year and 413 raising $121.8 billion in the same time frame the year prior.
Read More: SPAC Drought Lingers Without US Offering Since August: ECM Watch
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