1776 Acquisition Corp

S-1 filed

1776 Acquisition Corp is conducting an IPO with an offering of 15 million units at $10.00 per unit, generating $150 million in gross proceeds. The company will place $10.05 per public share into a trust account, with redemption rights for public shareholders upon completion of an initial business combination or liquidation. The sponsor, 1776 Sponsor, LLC, has committed to a private placement of 325,700 units and holds founder shares convertible to Class A ordinary shares upon business combination. The company has 18 months to complete a business combination, with potential extensions requiring shareholder approval. Underwriters have a 45-day over-allotment option and will receive fees, including $4.5 million upon successful combination. The offering includes redemption provisions, conversion of founder shares, and risks related to liquidity, conflicts of interest, and sponsor incentives.

DRS filed