Dennis Muilenburg
Dennis Muilenburg, the former CEO of Boeing Co., which stepped down during the 737 Max crisis, is about to file for a blank check, according to knowledgeable people.
Muilenburg, who resigned from Boeing’s board and top position in 2019, plans to raise about $ 200 million in a special acquisition company, one said, asking not to be identified as the case is private. .
The vehicle could be filed next week, people said, and will focus on finding targets in futuristic transportation.
Muilenburg was not available for comment.
Prominent figures from business, politics and sports have entered the SPAC market since last year, in part because of the lucrative payout for managing these vehicles.
The former Boeing chief was impeached in late 2019 after tapping the plan maker’s response to two deadly 737 Max accidents and their aftermath. At the aviation titan, Muilenburg was an avid proponent of autonomous flying vehicles and the air traffic control technology that would one day allow them to drag city commuters over busy streets.
Muilenburg emerged last month as an investor and advisor to Monarch Tractor, a Silicon Valley startup developing an all-electric tractor that is “driver optional.” The engineer by training founded a consultancy last year and, after a 35-year career at Chicago-based Boeing, works with a dozen firms.
Read more at Muilenberg’s electric tractor bet
The American manufacturer was in crisis last year due to the 20-month Max grounding and the Covid pandemic folded its Boeing NeXt venture capital arm. Under Muilenburg, the unit had entered into joint ventures with the likes of Kitty Hawk, a futuristic aircraft manufacturer backed by Larry Page, cofounder of Alphabet Inc.