Perimeter Acquisition Corp. I Announces Pricing of Upsized $210,000,000 Initial Public Offering
Rhea-AI Summary
Perimeter Acquisition Corp. I (PMTRU) has announced the pricing of its upsized IPO of 21,000,000 units at $10.00 per unit, totaling $210 million. Each unit comprises one ordinary share and one-half of one redeemable warrant. The units will begin trading on the Nasdaq Global Market under "PMTRU" on May 13, 2025.
Once separate trading begins, the ordinary shares and warrants will trade under "PMTR" and "PMTRW" respectively. Citigroup Global Markets is the sole book-running manager and has a 45-day option to purchase up to 3,150,000 additional units for over-allotments. The offering is expected to close on May 14, 2025.
Positive
- Upsized IPO raising substantial capital of $210 million
- Listing on major exchange (Nasdaq Global Market)
- Additional potential capital of $31.5 million through over-allotment option
- Backing by major financial institution (Citigroup) as sole book-runner
Negative
- Blank check company with no existing business operations
- Potential dilution from warrant exercises
- Investment risks typical of SPACs including uncertainty of acquisition targets
Insights
Perimeter Acquisition Corp. I raises $210M in upsized SPAC IPO, demonstrating continued investor appetite for blank-check companies.
Perimeter Acquisition Corp. I has successfully priced its upsized initial public offering at
Each unit consists of one ordinary share and half a warrant, following the standard SPAC structure. Citigroup is serving as the sole book-runner, and they've secured an over-allotment option to purchase up to 3.15 million additional units, which could potentially increase the total raise to
The SPAC market has experienced significant volatility in recent years, with a boom in 2020-2021 followed by a cooling period. This successful upsized offering suggests there remains selective institutional appetite for blank-check companies with the right sponsor teams and target strategies, despite overall market contraction.
No details were provided regarding Perimeter's acquisition focus or timeline, which is typical at this stage. SPACs generally have 24 months to complete a business combination before returning capital to investors. Trading will commence on Nasdaq under ticker PMTRU before eventually splitting into shares (PMTR) and warrants (PMTRW).
This successful capital raise provides Perimeter significant dry powder to pursue acquisitions in what remains a challenging market for private companies seeking public exits, potentially offering attractive opportunities for businesses that might otherwise struggle with traditional IPO routes.
NEW YORK, May 12, 2025 (GLOBE NEWSWIRE) -- Perimeter Acquisition Corp. I (Nasdaq: PMTRU) (the “Company”), a special purpose acquisition company, today announced the pricing of its upsized initial public offering of 21,000,000 units at
The offering is expected to close on May 14, 2025, subject to customary closing conditions.
Citigroup Global Markets Inc. is serving as the sole book-running manager for the offering. The underwriter has been granted a 45-day option to purchase up to an additional 3,150,000 units offered by the Company to cover over-allotments, if any.
A registration statement on Form S-1 relating to these securities has been filed with the Securities and Exchange Commission (“SEC”), and was declared effective on May 12, 2025. The offering is being made only by means of a prospectus. Copies of the prospectus may be obtained, when available, from Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone: 800-831-9146.
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 Perimeter Acquisition Corp. I
Perimeter Acquisition Corp. I is a public acquisition vehicle and intends to target companies in the defense and national security sectors where its management has extensive investment and operational experience. In addition, the Company expects to evaluate opportunities relating to technology, including opportunities at the convergence of defense, technology, and national security. The Company believes that its management team is positioned to drive ongoing value creation post-business combination and is well suited to identify opportunities that have the potential to generate attractive risk-adjusted returns for its shareholders.
Forward-Looking Statements
This press release contains statements that constitute “forward-looking statements,” including with respect to the proposed initial public offering. 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 registration statement and preliminary prospectus for the Company’s offering filed 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.
Investor and Media Contact
Investor Contact:
Josef Valdman
jvaldman@perimeteracq.com
(512) 200-2533
Media Contact:
Bernardo Soriano
Gregory FCA for Perimeter Acquisition Corp. I
bernardo@gregoryfca.com
(914) 656-3880
FAQ
What is the IPO price and size for Perimeter Acquisition Corp. I (PMTRU)?
When will PMTRU stock start trading on Nasdaq?
What are the trading symbols for Perimeter Acquisition Corp. I's securities?
Who is the underwriter for the PMTRU IPO?
What is the over-allotment option for PMTRU's IPO?
