Jena Acquisition Corporation II Announces Pricing of $200 Million Initial Public Offering

Rhea-AI Summary

Jena Acquisition Corporation II (JENA) has announced the pricing of its initial public offering (IPO) of 20,000,000 units at $10.00 per unit, totaling $200 million. Each unit includes one Class A ordinary share and one right to receive one-twentieth of a Class A ordinary share upon business combination completion.

The units will begin trading on the NYSE under "JENA.U" on May 29, 2025. The Class A ordinary shares and rights will trade separately under "JENA" and "JENA.R" respectively, starting approximately 52 days later. Santander is serving as the sole book-running manager, with a 45-day option to purchase up to 3,000,000 additional units. The offering is expected to close on May 30, 2025.

Positive

• IPO raising $200 million through 20 million units at $10.00 each
• Listing on major exchange (NYSE)
• Additional 3 million unit over-allotment option could raise extra $30 million
• Backing from major financial institution (Santander) as book-runner

Negative

• SPAC structure means uncertainty about future business combination target
• Potential dilution from rights conversion upon business combination
• No operating business or revenue generation until successful merger completion

Insights

SPAC Investment Strategist

Jena Acquisition Corporation II raises $200M in SPAC IPO, with units comprising shares and rights for future business combination.

Jena Acquisition Corporation II has priced its IPO at $200 million, consisting of 20 million units at $10.00 per unit. Each unit bundles one Class A ordinary share with one right to receive 1/20th of a share upon completing a business combination. This structure is typical for SPACs (Special Purpose Acquisition Companies), which raise capital specifically to acquire existing businesses.

The company's trading structure follows the standard SPAC timeline: units will initially trade under the symbol "JENA.U" starting May 29, with the component securities expected to split for separate trading around the 52nd day post-IPO. After separation, shares and rights will trade independently under "JENA" and "JENA.R" symbols, respectively.

Notable in this offering is Santander's role as the sole book-runner, which is somewhat unusual as many SPACs employ multiple underwriters to distribute risk. The company has also granted Santander a 45-day overallotment option for up to 3 million additional units, potentially increasing the offering size by 15% to $230 million if fully exercised.

This represents Jena's second SPAC vehicle (as indicated by "II" in its name), suggesting the management team has previous SPAC experience. The "blank check" company will now have approximately 18-24 months to identify and complete a business combination, or face the prospect of returning capital to investors. With the SPAC market having cooled significantly since its 2020-2021 peak, Jena II's ability to successfully price this offering indicates some remaining investor appetite for acquisition vehicles with the right management teams.

LAS VEGAS, May 28, 2025 (GLOBE NEWSWIRE) -- Jena Acquisition Corporation II (“Jena II” or the “Company”) announced today that it priced its initial public offering of 20,000,000 units at $10.00 per unit. The units will be listed on the New York Stock Exchange (“NYSE”) and trade under the ticker symbol “JENA.U” beginning May 29, 2025. Each unit consists of one Class A ordinary share and one right entitling the holder thereof to receive one-twentieth of one Class A ordinary share upon the consummation of an initial business combination. The Class A ordinary shares and rights comprising the units are expected to begin separate trading no later than the 52^nd day following this date. Once the securities comprising the units begin separate trading, the Class A ordinary shares and rights are expected to be listed on the NYSE under the symbols “JENA” and “JENA.R,” respectively.

Santander is acting as sole book-running manager. The Company has granted the underwriter a 45-day option to purchase up to an additional 3,000,000 units at the initial public offering price to cover over-allotments, if any.

The offering was made by means of a prospectus. Copies of the prospectus may be obtained from Santander US Capital Markets LLC, 437 Madison Avenue, New York, NY 10022, Attention: ECM Syndicate, by email at equity-syndicate@santander.us, or by telephone at 833-818-1602.

A registration statement relating to the securities became effective on May 28, 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. The offering is expected to close on May 30, 2025, subject to customary closing conditions.

About Jena Acquisition Corporation II

The Company is a blank check company incorporated as a Cayman Islands exempted company and formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. While the Company may pursue a business combination in any business or industry, it intends to capitalize on the ability of its management team and initially focus its search on identifying a prospective target business that can benefit from its co-founder and Chairman William P. Foley, II’s and its co-founder and Chief Executive Officer Richard N. Massey’s historical areas of business expertise. W. Dabbs Cavin, Dexter Fowler and Tim Hsia will be serving as board members.

Forward-Looking Statements

This press release contains statements that constitute “forward-looking statements,” including with respect to the proposed initial public offering and the anticipated use of the net proceeds. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or that the net proceeds of the offering will be used as indicated. 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 Company’s 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.

Investor Contact:

Richard N. Massey
CEO
jenaacquisition.com 

FAQ

What is the IPO price for Jena Acquisition Corporation II (JENA) units?

Jena Acquisition Corporation II's units are priced at $10.00 per unit, with each unit consisting of one Class A ordinary share and one right to receive one-twentieth of a Class A ordinary share upon business combination completion.

When will JENA stock begin trading on the NYSE?

The units will begin trading on the NYSE under symbol 'JENA.U' on May 29, 2025. The Class A ordinary shares and rights will trade separately under 'JENA' and 'JENA.R' approximately 52 days later.

How much money is Jena Acquisition Corporation II (JENA) raising in its IPO?

JENA is raising $200 million through its IPO of 20 million units, with potential for an additional $30 million if the over-allotment option is exercised.

Who is the underwriter for JENA's IPO?

Santander is acting as the sole book-running manager for Jena Acquisition Corporation II's IPO.

What is the over-allotment option for JENA's IPO?

The underwriter has a 45-day option to purchase up to an additional 3,000,000 units at the IPO price of $10.00 per unit to cover over-allotments.