Legion Capital Targets $200 Million SPAC IPO
Legion Capital Acquisition, a newly formed special purpose acquisition company focused on aerospace, defense technology and intelligence, has filed with the Securities and Exchange Commission to raise up to $200 million through an initial public offering.
The Greenwich, Connecticut-based SPAC plans to offer 20 million units at $10 each. Each unit will include one share of common stock and one-third of a warrant, with each whole warrant exercisable to purchase one additional share at $11.50.
Focus on Aerospace and Defense Technology
Legion Capital Acquisition intends to identify and complete a business combination with a company operating within the aerospace, defense, intelligence or broader defense technology sectors.
The targeted industries encompass businesses supporting national security and advanced technology applications, potentially giving the SPAC a broad mandate across established defense companies and emerging technology platforms.
However, the filing does not identify a specific acquisition target, meaning investors will ultimately be evaluating Legion Capital’s management team, acquisition strategy and ability to identify an appropriate business combination.
Experienced Leadership Team
Legion Capital is led by CEO Robert LaPenta, who is managing partner of family office Aston Capital. LaPenta previously served as CFO of LGL Systems Acquisition, another SPAC that completed a business combination with IronNet in 2021.
Marc Gabelli, Vice Chairman and President of Gabelli Group, serves as Chairman of Legion Capital Acquisition.
The leadership team’s previous involvement with SPAC transactions and investment management provides the newly formed company with experience relevant to its search for a target in the aerospace and defense technology markets.
NYSE Listing Planned
Founded in 2026, Legion Capital Acquisition plans to list its securities on the New York Stock Exchange under the symbol LCAD.U.
BTIG is serving as the sole bookrunner for the proposed offering.
At $200 million, the planned IPO would place Legion Capital among the larger SPAC offerings currently entering the US market. The $10 unit price and $11.50 warrant exercise price follow the conventional structure used by many blank-check companies, while the one-third warrant allocation provides investors with additional potential upside if a successful combination is completed.
Defense-Focused SPAC Enters the Market
Legion Capital’s filing comes with aerospace, defense and intelligence at the center of its acquisition strategy. These sectors offer a broad universe of potential targets, ranging from defense technology and intelligence platforms to companies supporting aerospace and national-security programs.
The immediate investment case, however, will depend less on current operating results and more on the management team’s ability to identify, negotiate and complete an attractive business combination.
With $200 million targeted and an experienced leadership team, Legion Capital Acquisition is positioning LCAD.U as a sizeable defense-focused SPAC seeking its next acquisition opportunity.
