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F1 Team Boss Joins Andretti Acquisition Corporation as Michael Andretti Reportedly Steps Down as CEO

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Michael Andretti is reportedly stepping down as CEO of Andretti Global, with Zak Brown of McLaren joining Andretti Acquisition Corp. II.

Andretti Acquisition Corp. II, the newly formed Special Purpose Acquisition Company , represents the latest expansion in Andretti’s ambitions. A SPAC raises money through an initial public offering with the primary goal of merging with an existing business, facilitating a straightforward transition to public status without the rigors required by traditional corporate formation.

The formation of Andretti Acquisition Corp. II in 2024 signals an aggressive pursuit of new investment opportunities within the industry. Notably, the original Andretti Acquisition Corp, established in 2021, successfully merged with Zapata AI, transitioning the company to public trading under the NYSE symbol ZPTA. Andretti Acquisition Corp. II follows this precedent, boasting an impressive IPO that closed with gross proceeds of $230 million as of September 9, 2024.

“Michael and Dan Towriss have been working closely on developing this new structure, one which Michael is excited to see take shape under Dan’s guidance.

 

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