A SPAC III Acquisition Corp. Announces Pricing of $55 Million Initial Public Offering

Rhea-AI Summary

A SPAC III Acquisition Corp has announced the pricing of its $55 million initial public offering, consisting of 5,500,000 units at $10.00 per unit. Each unit includes one Class A ordinary share and one right, with each right convertible to one-tenth of a Class A ordinary share upon business combination completion. The units will trade on Nasdaq under ASPCU. The company granted underwriters a 45-day option to purchase up to 825,000 additional units. The offering is expected to close on November 12, 2024, with Maxim Group serving as the sole book-running manager.

Positive

• Successfully priced $55 million IPO
• Trading on major exchange (Nasdaq)
• Over-allotment option for additional 825,000 units

Negative

• Blank check company with no current business operations
• No guaranteed successful business combination
• Potential dilution from rights conversion

News Market Reaction

+40.11%

1 alert

+40.11% News Effect

On the day this news was published, ASPCU gained 40.11%, reflecting a significant positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

HONG KONG, Nov. 8, 2024 /PRNewswire/ -- A SPAC III Acquisition Corp. (the "Company"), a blank check company incorporated as a British Virgin Islands exempted company formed for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses, today announced the pricing of its initial public offering of 5,500,000 units at an offering price of $10.00 per unit, with each unit consisting of one Class A ordinary share and one right. Each right entitles the holder to receive one-tenth (1/10) of one Class A ordinary share upon consummation of the Company's initial business combination. The units are expected to trade on the Nasdaq Capital Market ("Nasdaq") under the ticker symbol "ASPCU" beginning on November 8, 2024. Once the securities comprising the units begin separate trading, the Class A ordinary shares and rights will be traded on Nasdaq under the symbols "ASPC" and "ASPCR," respectively.

Maxim Group LLC is acting as the sole book-running manager for the offering.

The Company has granted the underwriter a 45-day option to purchase up to 825,000 additional units at the initial public offering price less the underwriting discount to cover over-allotments, if any. The offering is expected to close on November 12, 2024, subject to customary closing conditions.

A registration statement on Form S-1 (File No. 333-282428) (the "Registration Statement") relating to the securities to be sold in the initial public offering, as amended, was declared effective by the U.S. Securities and Exchange Commission (the "SEC") on November 8, 2024. The offering is being made only by means of a prospectus. When available, copies of the prospectus relating to this offering may be obtained from Maxim Group LLC, 300 Park Avenue, 16^th Floor, New York, NY 10022, Attention: Syndicate Department, by telephone at (212) 895-3745 or by email at syndicate@maximgrp.com, or by accessing the SEC's website, www.sec.gov.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About A SPAC III Acquisition Corp. 

A SPAC III Acquisition Corp. is a blank check company, also commonly referred to as a special purpose acquisition company, or SPAC, formed for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. A SPAC III Acquisition Corp. intends to focus on businesses in the Environmental, Sustainability and Governance (ESG) and material technology sectors.

Forward-Looking Statements

This press release contains statements that constitute "forward-looking statements," including with respect to the expected closing of the Company's initial public offering and search for an initial business combination. No assurance can be given that the offering discussed above will be completed on the terms described, or at all. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Registration Statement and related preliminary prospectus filed in connection with the initial public offering with the SEC. Copies are available on the SEC's website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

 

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SOURCE A SPAC III Acquisition Corp

FAQ

What is the IPO price for A SPAC III Acquisition Corp (ASPCU) units?

A SPAC III Acquisition Corp's units are priced at $10.00 per unit in its initial public offering.

How many units are being offered in A SPAC III Acquisition Corp's (ASPCU) IPO?

The company is offering 5,500,000 units in its initial public offering.

When will A SPAC III Acquisition Corp (ASPCU) begin trading on Nasdaq?

The units will begin trading on Nasdaq under the symbol ASPCU on November 8, 2024.

What does each ASPCU unit consist of?

Each unit consists of one Class A ordinary share and one right, with each right entitling the holder to receive one-tenth of one Class A ordinary share upon business combination.