Brad Feld-backed group prepares to launch second SPAC

LOUISVILLE — A trio of financiers, including Foundry Group managing director Brad Feld, are planning to launch their second special purpose acquisition company out of the Boulder area.

In initial public offering documents submitted to the U.S. Securities and Exchange Commission Monday, Crucible Acquisition Corp. II is seeking to launch on the New York Stock Exchange under the ticker CRUA.U and raise up to $230 million in the process.

That figure is just higher than the $225 million raised from the first Crucible Acquisition Corp.’s debut on the exchange in January. Both companies are run by Jim Lejeal, a former chief financial officer of Rally Software and Sphero in Boulder. The companies also list Foundry Group partner Brad Feld and general counsel Jason Lynch as board chairman and chief administrative officer, respectively.

Like its sibling company, Crucible Acquisition Corp. II was designed to merge with a software company using a cloud-based recurring revenue business model. It is targeting a private company with valuations between $700 million and $1.5 billion.

SPACs are shell companies that are listed on public exchanges and exist solely to be acquired by companies looking to go public outside of the normal procedures of an initial public offering. The method has become incredibly popular among investors in the past several months, and Loveland’s Lightning eMotors Inc. and Boulder’s SomaLogic Inc. have both announced plans to go public using SPACs.

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