By Elias Schisgall
B&R Technology Merger Corp. filed to raise $325 million in an initial public offering.
The blank-check company, led by Top Tier Capital Partners founder David York, said it plans to focus on combining with a technology growth company benefiting from the adoption of artificial-intelligence, according to a Thursday filing with the Securities and Exchange Commission.
"We believe that incumbents who do not adapt quickly will collapse, while innovators who are able to anticipate developments and adapt appropriately will be positioned to award investors with gains," the company wrote in its filing. "Our task is to apprehend this transitional period and find a path to a successful public exit for a private company."
The company plans to offer 32.5 million units for $10 each, with each unit containing one share and one-third of a warrant to buy an additional share at $11.50. The underwriters of the IPO have a 45-day option to buy up to an additional 4.875 million units to cover any over-allotments.
The company intends to list its shares on Nasdaq under the symbol BRTM.
Write to Elias Schisgall at elias.schisgall@wsj.com