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Elevation Acquisition Group Inc. (ELEV), a Cayman Islands blank check company, is conducting an IPO of 10,000,000 units at $10.00 per unit, for a $100,000,000 offering, with a 45‑day option for underwriters to buy up to 1,500,000 additional units for over‑allotments. Each unit includes one Class A ordinary share and one right, and each right converts into 1/6 of a Class A share upon consummation of the initial business combination.
The company will place $100,000,000 (or $115,000,000 with full over‑allotment) in a trust account, redeemable by public shareholders upon a business combination or if no deal is completed within 18 months, subject to possible shareholder‑approved extensions. Public shareholders receive redemption rights at approximately the cash in trust per public share, less taxes and limited dissolution expenses.
Founders and insiders hold 3,833,333 Class B founder shares, bought for about $0.007 per share, designed to equal 25% of ordinary shares on an as‑converted basis and carrying anti‑dilution protections, which can materially dilute public investors. Sponsors, Maxim and at‑risk capital investors will buy 315,000 private placement units at $10.00 each. The SPAC has 18 months to complete a business combination, intends to avoid targets in cryptocurrency and Asia, and has applied to list on Nasdaq under the symbols ELEVU, ELEV and ELEVR.