Macondray Capital Acquisition Corp. I announced the pricing of its $250 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “DRAYU” Thursday, July 1.

The new SPAC aims to combine with a target that has a proven track record of driving technological innovation and growth and a minimum enterprise value of $1.5 billion. Macondray I is led by Co-CEO and Chairman R. Grady Burnett alongside Co-CEO and CFO W. Lance Conn.

Total SPAC deal count for 2021 year-to-date is now 359. This offering is expected to close on Tuesday, July 6.

B. Riley Securities, Inc. is serving as the sole book-running manager for the offering. Gibson, Dunn & Crutcher is serving as Issuer’s Counsel with Ellenoff Grossman & Schole LLP serving as Underwriter’s Counsel. Marcum LLP serves as auditor. Continental Stock Transfer & Trust Company is acting as trustee.