Harvard Ave Acquisition Corporation Announces Pricing of $145,000,000 Initial Public Offering

Rhea-AI Summary

Harvard Ave Acquisition Corporation (Nasdaq: HAVAU) priced an initial public offering of 14,500,000 units at $10.00 per unit, raising gross proceeds of $145,000,000. Units are expected to begin trading on Nasdaq under HAVAU on October 23, 2025, and the offering is expected to close on October 24, 2025, subject to customary closing conditions.

Each unit contains one Class A ordinary share and one right to receive one‑tenth of a Class A share; when separated, shares and rights are expected to trade as HAVA and HAVAR. The underwriter has a 45‑day option to purchase up to 2,175,000 additional units to cover over‑allotments. The company is a Cayman Islands blank check company seeking a business combination.

Positive

• Gross proceeds of $145,000,000 from the IPO
• Listing expected on Nasdaq under ticker HAVAU on Oct 23, 2025
• Underwriter granted 45‑day over‑allotment option for 2,175,000 units

Negative

• Company is a blank check (SPAC) with no identified business combination
• No assurance the offering or subsequent business combination will be completed
• Units convert into multiple securities, creating potential future dilution

Insights

Capital Markets Analyst

SPAC priced 14.5M units at $10.00, targeting Nasdaq listing with expected close on October 24, 2025.

The company sold 14,500,000 units at $10.00 each, representing gross proceeds of $145,000,000. Each unit includes one Class A ordinary share and a right to one‑tenth of a share; separate trading for the shares and rights is expected after listing under symbols HAVA and HAVAR. The underwriter has a 45‑day option for up to 2,175,000 additional units to cover any over‑allotments.

The business model is a blank‑check vehicle incorporated in the Cayman Islands that will seek a combination; this structure means value realization depends entirely on a future transaction. Key near‑term items to watch are the expected Nasdaq start of trading on October 23, 2025 and the planned closing on October 24, 2025, plus whether the underwriter exercises its 45‑day overallotment option. These facts drive liquidity and timing but do not by themselves indicate future deal success or financial performance.

New York, NY, Oct. 22, 2025 (GLOBE NEWSWIRE) -- Harvard Ave Acquisition Corporation (Nasdaq: HAVAU) (the “Company”) announced today the pricing of its initial public offering of 14,500,000 units at $10.00 per unit. The units are expected to be listed on the Nasdaq Global Market (“Nasdaq”) and trade under the ticker symbol “HAVAU” beginning October 23, 2025. Each unit consists of one Class A ordinary share and one right to receive one-tenth of one Class A ordinary share. Once the securities comprising the units begin separate trading, the Class A ordinary shares and rights are expected to be listed on Nasdaq under the symbols “HAVA” and “HAVAR”, respectively. The underwriter has been granted a 45-day option to purchase up to an additional 2,175,000 units offered by the Company to cover over-allotments, if any. The offering is expected to close on October 24, 2025, subject to customary closing conditions.

The Company is a blank check company incorporated as an exempted company under the laws of the Cayman Islands, which will seek to effect a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities. While it may pursue an acquisition opportunity in any business, industry, sector or geographical location, it intends to focus on industries or sectors that complement the management team’s background.

D. Boral Capital LLC is acting as the sole book-running manager in the offering.

A registration statement on Form S-1 (333-284826) relating to these securities has been filed with the Securities and Exchange Commission (“SEC”), and was declared effective on September 30, 2025. The offering is being made only by means of a prospectus. Copies of the prospectus may be obtained, when available, from D. Boral Capital LLC, 590 Madison Avenue, 39th Floor, New York, NY 10022, by telephone at +1 (212) 970-5150, by email at info@dboralcapital.com, or from the SEC website at 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.

Forward-Looking Statements

This press release includes forward-looking statements that involve risks and uncertainties. Forward-looking statements are statements that are not historical facts. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based. 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.

Contact Information:

Harvard Ave Acquisition Corporation

Sung Hyuk Lee
Chief Executive Officer

3^rd Floor, 166 Yongsan
Yeongdengpo-gu, Seoul, 07362

Email: sunghyuk.lee23@gmail.com

FAQ

What did Harvard Ave Acquisition Corporation (HAVAU) price its IPO at and how much did it raise?

The IPO priced at $10.00 per unit for 14,500,000 units, raising gross proceeds of $145,000,000.

When will HAVAU begin trading on Nasdaq and what is the ticker?

Units are expected to begin trading on Nasdaq as HAVAU on October 23, 2025.

What securities are included in each HAVAU unit and future separate tickers?

Each unit contains one Class A share and one right to receive one‑tenth of a Class A share; separated securities are expected to trade as HAVA (shares) and HAVAR (rights).

Is there an over‑allotment option in the HAVAU IPO and how large is it?

Yes; the underwriter has a 45‑day option to buy up to 2,175,000 additional units to cover over‑allotments.

When is the HAVAU offering expected to close?

The offering is expected to close on October 24, 2025, subject to customary closing conditions.

What type of company is Harvard Ave Acquisition Corporation and what will it do with IPO proceeds?

The company is a Cayman Islands blank check company that will seek a merger, share exchange, asset acquisition, or similar business combination.