Andretti Acquisition Corp. II Completes $230 Million Initial Public Offering

Rhea-AI Summary

Andretti Acquisition Corp. II has successfully completed its initial public offering (IPO), raising $230 million by selling 23 million units at $10 per unit. Each unit comprises one Class A ordinary share and half a redeemable warrant. The units began trading on Nasdaq under the symbol 'POLEU' on September 6, 2024. Once separate trading begins, shares and warrants will trade as 'POLE' and 'POLEW' respectively.

The company, a blank check company, aims to merge or acquire businesses, focusing on assets with growth potential. Led by William J. Sandbrook as Chairman and William M. Brown as CEO, with Michael M. Andretti as Special Advisor and Director, the management team also includes racing legend Mario Andretti as Special Advisor. BTIG, served as the sole book-running manager for the offering.

Positive

• Successful IPO raising $230 million, indicating strong investor interest
• Listing on Nasdaq, providing liquidity and visibility for investors
• Experienced management team including industry experts like Michael and Mario Andretti
• Full exercise of over-allotment option, suggesting high demand for the offering

Negative

• Blank check company structure carries inherent risks as future acquisition targets are unknown
• No specific business operations or revenue streams at present
• Potential for shareholder dilution upon warrant exercise

INDIANAPOLIS, IN, Sept. 09, 2024 (GLOBE NEWSWIRE) -- Andretti Acquisition Corp. II (the “Company”) announced today the closing of its initial public offering of 23,000,000 units, which includes 3,000,000 units issued pursuant to the exercise by the underwriter of its over-allotment option in full. The offering was priced at $10.00 per unit, resulting in gross proceeds of $230,000,000.

The Company’s units began trading on September 6, 2024 on the Nasdaq Global Market (“Nasdaq”) under the ticker symbol “POLEU.” Each unit consists of one Class A ordinary share of the Company and one-half of one redeemable warrant, with each whole warrant entitling the holder thereof to purchase one Class A ordinary share of the Company at an exercise 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 Nasdaq under the symbols “POLE” and “POLEW,” respectively.

The Company is a blank check company 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. The Company may pursue an acquisition opportunity in any business or industry or at any stage of its corporate evolution but is focused on acquiring a compelling asset with a skilled management team that is ready to grow.

The Company’s management team is led by William J. (“Bill”) Sandbrook, its Chairman of the Board of Directors, William M. (“Matt”) Brown, its Chief Executive Officer, and Michael M. Andretti, a Special Advisor and Director. Mario Andretti also serves as a Special Advisor. In addition, the Board includes Zakary C. Brown, James W. Keyes, Cassandra S. Lee, Gerald D. Putnam, and John J. Romanelli.

BTIG, LLC acted as sole book-running manager for the offering.

The offering was made only by means of a prospectus, copies of which may be obtained from: BTIG, LLC, 65 East 55th Street New York, New York 10022, Attn: Syndicate Department, BTIGSyndicateCoverage@btig.com.

A registration statement relating to the securities was declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on September 5, 2024. 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 proposed initial public offering and the anticipated use of the net proceeds thereof. 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 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 Contacts

Andretti Acquisition Corp. II
Company web site: www.andrettiacquisition.com
Investor relations email address: ir@andrettiacquisition.com

FAQ

What was the IPO price for Andretti Acquisition Corp. II (POLEU)?

Andretti Acquisition Corp. II's IPO was priced at $10.00 per unit.

How much did Andretti Acquisition Corp. II (POLEU) raise in its IPO?

Andretti Acquisition Corp. II raised $230 million in its initial public offering.

When did Andretti Acquisition Corp. II (POLEU) start trading on Nasdaq?

Andretti Acquisition Corp. II began trading on Nasdaq on September 6, 2024.

What is the purpose of Andretti Acquisition Corp. II (POLEU)?

Andretti Acquisition Corp. II is a blank check company formed to effect a merger, acquisition, or similar business combination with one or more businesses.

Who are the key leaders of Andretti Acquisition Corp. II (POLEU)?

Key leaders include William J. Sandbrook as Chairman, William M. Brown as CEO, and Michael M. Andretti as Special Advisor and Director. Mario Andretti also serves as a Special Advisor.