![]() ![]() ![]() Michael is a racing champion in his own right – the apple didn’t fall far from the tree. But given that quarter was the largest volume for SPACs at the time, guidance directed the Andretti-led effort to pull back to the $200 million target as the SPAC IPO market has corrected.Īs to the number of targets in Andretti’s sights, he said the company has a list of around 40 companies they are currently vetting. ![]() In Q1 of 2021, the group considered raising $250 million through the SPAC. is a blank check company with incorporation in the Cayman Islands which allows it to pursue acquisitions worldwide, not just the U.S. “This SPAC is focusing almost entirely outside the racing space.”Īs to the planned opportunities for acquisition, while most will be U.S.-based, Andretti Acquisition Corp. “Financing was never the reason the Alfa deal fell apart,” Michael said. Michael said the deal fell through over who would control the team, and that his separate investor partners on the F1 side are deep. That might lead some to think it was a funding issue and therefore the SPAC may tie into it. Andretti was 48 hours from closing the deal to purchase the Alfa Romero F1 team, when talks collapsed. It would be easy for race fans to think the SPAC is part of Andretti’s continued efforts to purchase an F1 team, but he and Sandbrook made it clear that this is entirely outside of that sphere. ![]() It’s a very unique attribute that we’re bringing to the table that we feel no one can match.” With Michael and Mario both having raced in F1, Andretti is not just a U.S. It’s a 50 year family name that our studies show 75% of Americans know the name. “It’s three generations of the Andrettis. “This brand is a family brand,” Sandbrook said. ![]()
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