Jena Acquisition Corporation II Completes $230 Million Initial Public Offering

Rhea-AI Summary

Jena Acquisition Corporation II has successfully completed its initial public offering (IPO), raising $230 million through the sale of 23 million units at $10.00 per unit. The offering includes 3 million units from the full exercise of underwriters' over-allotment option. Trading began on NYSE under "JENA.U" on May 29, 2025. Each unit comprises one Class A ordinary share and one right to receive 1/20th of a Class A ordinary share upon business combination completion. The units' components will separate for trading by the 52nd day, with Class A shares and rights to trade under "JENA" and "JENA.R" respectively. Santander served as the sole book-running manager for the IPO.

Positive

• Successfully raised $230 million in gross proceeds from IPO
• Full exercise of over-allotment option by underwriters indicates strong demand
• Listed on major exchange (NYSE)
• Backed by established financial institution Santander as book-running manager

Negative

• No specific business combination target identified yet
• SPAC structure carries inherent risks of not finding suitable merger target
• Complex unit structure with rights may create trading complexity

Insights

Financial Markets Specialist

Jena Acquisition Corporation II raised $230M in SPAC IPO, offering units with shares and rights for future business combinations.

Jena Acquisition Corporation II has successfully completed its initial public offering, raising $230 million by selling 23 million units at $10.00 per unit. The offering included 3 million units from a fully exercised over-allotment option, demonstrating strong initial demand from investors. Each unit contains one Class A ordinary share and one right that converts to 1/20th of a share upon completing a business combination.

This structure clearly identifies Jena II as a Special Purpose Acquisition Company (SPAC) – a blank check company formed to acquire an existing business. The SPAC market has seen fluctuating interest since its 2020-2021 boom period, making this sizeable raise noteworthy in the current environment.

Trading has already commenced on the NYSE under "JENA.U" for the combined units, with plans for the components to trade separately (as "JENA" and "JENA.R") approximately 52 days post-IPO. Santander's role as sole book-runner suggests institutional confidence in the offering.

The $230 million capitalization puts Jena II in a position to target mid-market acquisition opportunities. The prospectus likely details the specific sectors or industries the management team plans to focus on for potential business combinations. Investors should monitor management's track record and expertise in evaluating this SPAC's prospects, as these factors significantly influence acquisition success rates.

LAS VEGAS, May 30, 2025 (GLOBE NEWSWIRE) -- Jena Acquisition Corporation II (“Jena II” or the “Company”) announced today the closing of its initial public offering of 23,000,000 units, at a price of $10.00 per unit, which includes 3,000,000 units issued pursuant to the exercise by the underwriters of their over-allotment option in full, resulting in gross proceeds of $230,000,000.  The units began trading on the New York Stock Exchange (“NYSE”) on May 29, 2025 under the ticker symbol “JENA.U”. 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 acted as sole book-running manager.  

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 has been filed with the U.S. Securities and Exchange Commission (“SEC”) and 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.

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 initial public offering and the anticipated use of the net proceeds. No assurance can be given 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 registration statement and prospectus for the Company’s initial public offering filed with 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:

Jena Acquisition Corporation II
Richard N. Massey, CEO
jenaacquisition.com

FAQ

What is the IPO price and size of Jena Acquisition Corporation II (JENA)?

Jena Acquisition Corporation II completed its IPO at $10.00 per unit, raising $230 million through the sale of 23 million units.

What does each JENA unit consist of?

Each JENA unit consists of one Class A ordinary share and one right to receive one-twentieth of one Class A ordinary share upon business combination completion.

When did JENA start trading on the NYSE?

JENA units began trading on the NYSE on May 29, 2025 under the symbol JENA.U.

What are the trading symbols for JENA's securities?

The units trade as JENA.U, with Class A shares and rights expected to trade separately as JENA and JENA.R respectively.

Who is the underwriter for JENA's IPO?

Santander acted as the sole book-running manager for the IPO.