A Stone Cap­i­tal-backed SPAC braves the blank check wa­ters, look­ing to grab a $150M deal

A SPAC is look­ing to set sail on the still chop­py sea of the mar­ket with a $150 mil­lion IPO.

The Trans­la­tion­al De­vel­op­ment Ac­qui­si­tion Cor­po­ra­tion, a blank com­pa­ny backed by Stone Cap­i­tal Part­ners, has filed with the SEC to raise $150 mil­lion in an ini­tial pub­lic of­fer­ing. Ac­cord­ing to the en­ti­ty’s S-1, the prin­ci­pal share­hold­ers in­clude Stone Cap­i­tal Part­ners and Michael Hoff­man, founder of Stone Cap­i­tal and CEO of the cor­po­ra­tion. Both Hoff­man and Stone Cap­i­tal own 100% of the com­pa­ny cur­rent­ly and will hold 19% af­ter the of­fer­ing.

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