EVOLUTION GLOBAL ACQUISITION CORP Announces Pricing of Upsized $210 Million Initial Public Offering

Rhea-AI Summary

EVOLUTION GLOBAL ACQUISITION CORP (EVOX) priced an upsized initial public offering of 21,000,000 units at $10.00 per unit on November 10, 2025, implying gross proceeds of $210 million. Units will trade on Nasdaq as EVOXU beginning November 11, 2025; once separated, shares and warrants are expected to trade as EVOX and EVOXW. Each unit contains one Class A share and one-half warrant; each whole warrant permits purchase of one share at $11.50. The offering is expected to close on November 12, 2025, subject to customary closing conditions, and includes a 45-day underwriter option to buy up to 3,000,000 additional units for over-allotments. The company is a SPAC focused on potential business combinations in the critical minerals sector.

Positive

• Offering upsized to 21,000,000 units representing $210M gross proceeds
• Units begin trading on Nasdaq as EVOXU on Nov 11, 2025
• Underwriter granted 45-day option for up to 3,000,000 units to cover demand

Negative

• Each whole warrant exercisable at $11.50, creating potential future dilution
• No assurance the offering or any business combination will be completed as planned

Insights

Capital Markets Strategist

Upsized $210M SPAC IPO priced at $10/unit, showing stronger-than-planned demand and Nasdaq listing next week.

Evolution Global priced 21,000,000 units at $10.00 per unit, upsizing from 17,500,000 units, and granted a 45-day option for up to 3,000,000 additional units; units begin trading under "EVOXU" on November 11, 2025.

The business mechanism is straightforward: the SPAC raises gross proceeds to fund a future business combination by selling units that split into Class A shares and warrants once separate trading begins; the upsizing indicates stronger book demand or revised capital needs before closing on November 12, 2025.

Key dependencies and risks include successful closing on the stated date, exercise/over-allotment behavior, and the SPAC’s ability to identify and consummate an acceptable target; regulatory or market setbacks could alter proceeds and timing.

Watch the underwriter over-allotment exercise and the separate listing of "EVOX" (shares) and "EVOXW" (warrants) in the next 45 days; near-term horizon: close by November 12, 2025 and initial secondary trading developments over the following 1–2 months.

Critical Minerals Sector Specialist

SPAC targets critical minerals companies, aligning capital with national-security-relevant assets.

The company states it will concentrate searches on businesses that own, operate, or develop assets in the critical minerals sector tied to U.S. economic and national security interests, so proceeds from the offering will finance identification and execution of a qualifying business combination.

Practical dependencies include the SPAC’s deal-sourcing capability in an asset-intensive sector and the availability of suitable targets that meet investor expectations; exploration, permitting, and asset timelines in mining can extend deal execution windows.

Concrete items to watch: announced letter-of-intent or definitive merger agreements, any use of proceeds disclosures in the prospectus, and timing of a target announcement within the SPAC’s required search period; expect meaningful updates within the typical SPAC lifecycle following closing.

New York, Nov. 10, 2025 (GLOBE NEWSWIRE) -- EVOLUTION GLOBAL ACQUISITION CORP (the “Company”) announced today that it priced its initial public offering of 21,000,000 units at $10.00 per unit after upsizing the original offering of 17,500,000 units. The units will be listed on the Nasdaq and will trade under the ticker symbol “EVOXU” beginning November 11, 2025. Each unit consists of one Class A ordinary share of the Company, $0.0001 par value per share,  and one-half of one redeemable warrant, each whole warrant entitling the holder to purchase one Class A ordinary share upon exercise, at a price of $11.50 per share. Once the securities comprising the units begin separate trading, the Class A ordinary shares and warrants are expected to be listed on the Nasdaq under the symbols “EVOX” and “EVOXW,” respectively. The offering is expected to close on November 12, 2025, subject to customary closing conditions.

The Company, led by Chairman of the Board of Directors and Chief Executive Officer, Stephen Silver, and by member of the Board of Directors and Chief Operations Officer, Ashley Zumwalt-Forbes, is a special purpose acquisition 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. While the Company may pursue an initial business combination in any industry, the Company intends to concentrate its search on businesses with a focus on those that own, operate, or are developing assets in the critical minerals sector that are fundamental to the economic and national security interests of the United States.

Cohen & Company Capital Markets, a division of Cohen & Company Securities, LLC is acting as book-running manager and lead underwriter for the offering. The Company has granted the underwriter a 45-day option to purchase up to an additional 3,000,000 units to cover over-allotments, if any.

The offering is being made only by means of a prospectus. When available, copies of the prospectus may be obtained from Cohen & Company Capital Markets, a division of Cohen & Company Securities, LLC, 3 Columbus Circle, 24th Floor, New York, NY 10019, Attention: Prospectus Department, or by email at capitalmarkets@cohencm.com or by accessing the SEC’s website, www.sec.gov.

A registration statement relating to the securities became effective by the Securities and Exchange Commission on November 10, 2025. This press release shall not constitute an offer to sell or the 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.

Forward-Looking Statements

This press release contains statements that constitute “forward-looking statements,” including with respect to the Company’s proposed initial public offering and the Company’s search for and/or completion of an initial business combination. No assurance can be given that the offering will be completed on the terms described, or at all, or that the Company will complete an initial business combination. Forward-looking statements are subject to numerous risks, conditions and other uncertainties, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and preliminary prospectus for the Company’s offering filed with the U.S. Securities and Exchange Commission (the “SEC”). Copies of these documents 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.

Contacts

Ashley Zumwalt-Forbes
Evolution Global Acquisition Corp

azf@evo-spac.com

FAQ

How much did EVOLUTION GLOBAL ACQUISITION CORP (EVOX) raise in the upsized IPO on November 10, 2025?

The IPO was upsized to 21,000,000 units at $10.00 per unit, implying $210 million in gross proceeds.

When will EVOX unit and equity securities begin trading on Nasdaq?

Units will trade as EVOXU beginning November 11, 2025; Class A shares and warrants are expected to trade as EVOX and EVOXW after separation.

What does each EVOX unit include and what is the warrant exercise price?

Each unit includes one Class A share and one-half of one warrant; each whole warrant is exercisable to buy one share at $11.50.

When is the EVOX offering expected to close and what conditions apply?

The offering is expected to close on November 12, 2025, subject to customary closing conditions.

Who is the lead underwriter for EVOX's IPO and is there an overallotment option?

Cohen & Company Capital Markets is the book-running manager and was granted a 45-day option to purchase up to 3,000,000 additional units for over-allotments.

What industry will EVOX focus on for its initial business combination searches?

The company intends to concentrate searches on businesses owning, operating, or developing assets in the critical minerals sector relevant to U.S. economic and national security interests.