Starboard's Smith is latest high-profile investor to launch a SPAC, with fund seeking $300 million

Jeffrey Smith, chief executive officer and chief investment officer at Starboard Value LP.
David Paul Morris | Bloomberg | Getty Images

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Jeffrey Smith's Starboard Value said Tuesday that it is launching a special purpose acquisition company as the firm seeks to capitalize on a record year for SPACs.

The new fund will be called Starboard Value Acquisition Corp, and it plans to raise $300 million through the sale of 30,000,000 shares priced at $10 per share. According to a filing with the Securities and Exchange Commission, the total amount could reach $345 million if underwriters' over-allotment option is fully exercised.