Long Table Growth (LTGRU) closes $172.5M SPAC IPO and funds $173.4M trust
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Long Table Growth Corp. completed its initial public offering of 17,250,000 units at $10.00 per unit, raising gross proceeds of $172,500,000. Each unit includes one Class A ordinary share and one-half of a redeemable warrant exercisable at $11.50 per share.
The sponsor simultaneously bought 3,600,000 private placement warrants for $3,600,000. In total, $173,362,500, or $10.05 per public unit, was deposited into a trust account to fund a future business combination. The company has up to 18 months from the IPO closing to complete its initial business combination or redeem public shares.
Positive
- The company raised $172,500,000 of gross proceeds from its IPO and an additional $3,600,000 from a concurrent private placement of 3,600,000 warrants, funding a $173,362,500 trust account at $10.05 per public unit to support a future business combination.
Negative
- None.
Insights
SPAC IPO closes with full over-allotment and trust funded at $10.05 per unit.
Long Table Growth Corp. has completed a SPAC IPO, selling 17,250,000 units at $10.00 each, including full exercise of the 2,250,000-unit over-allotment. Gross proceeds of $172,500,000 plus a $3,600,000 private warrant placement provide the capital base for a future business combination.
Of these proceeds, $173,362,500 has been placed in a trust account, equating to $10.05 per public unit. This structure is typical for SPACs and ring-fences cash for either a qualifying deal or redemption of public shares.
The company has 18 months from the IPO closing to complete an initial business combination before it must return trust funds via share redemptions. Future disclosures about potential targets, deal terms, and any proposed charter amendments will be important for understanding how this capital is ultimately deployed.
8-K Event Classification
6 items: 1.01, 3.02, 5.02, 5.03, 8.01, 9.01
6 items
Item 1.01
Entry into a Material Definitive Agreement
Business
The company signed a significant contract such as a merger agreement, credit facility, or major partnership.
Item 3.02
Unregistered Sales of Equity Securities
Securities
The company sold equity securities in a private placement or other unregistered transaction.
Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers
Governance
Key personnel changes including departures, elections, or appointments of directors and executive officers.
Item 5.03
Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year
Governance
The company amended its charter documents, bylaws, or changed its fiscal year.
Item 8.01
Other Events
Other
Voluntary disclosure of events the company deems important to shareholders but not covered by other items.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Units sold in IPO: 17,250,000 units
IPO price per unit: $10.00 per unit
Gross IPO proceeds: $172,500,000
+5 more
8 metrics
Units sold in IPO
17,250,000 units
Initial public offering, including 2,250,000 over-allotment units
IPO price per unit
$10.00 per unit
Public offering price for each unit
Gross IPO proceeds
$172,500,000
Total gross proceeds from sale of 17,250,000 units
Private placement warrants
3,600,000 warrants
Sold at $1.00 per warrant to sponsor
Private placement proceeds
$3,600,000
Gross proceeds from private placement of warrants
Trust account funding
$173,362,500
Proceeds from IPO and private placement deposited into trust
Trust per public unit
$10.05 per unit
Amount held in trust for each public unit sold
Warrant exercise price
$11.50 per share
Exercise price for each whole redeemable or private warrant
Key Terms
initial public offering, underwriters’ over-allotment option, Private Placement Warrants, blank check company, +2 more
6 terms
initial public offering financial
"announced the pricing of its initial public offering of 15,000,000 units at a price of $10.00 per unit"
An initial public offering (IPO) is when a private company first sells its shares to the public and becomes a stock-listed company. It matters because it allows the company to raise money from a wide range of investors, helping it grow, while giving early shareholders a way to sell some of their ownership.
underwriters’ over-allotment option financial
"including 2,250,000 units sold pursuant to the full exercise of the underwriter’s over-allotment option"
An underwriters’ over-allotment option is a contract feature that lets the banks handling a new stock or bond sale buy a limited number of extra shares from the issuer after the offering closes. It acts like a short-term buffer: the banks can supply additional shares to meet higher demand or buy back shares to support the market price, which helps reduce immediate price swings and affects how many shares are ultimately outstanding.
Private Placement Warrants financial
"completed the private sale of 3,600,000 warrants (the “Private Placement Warrants”) at the initial public offering price of $1.00 per warrant"
Private placement warrants are tradable coupons given directly to a limited group of investors that let the holder buy a company's shares at a fixed price before a set expiration date. They matter to investors because they can provide extra upside if the stock rises and give companies a way to raise money outside a public offering, but they also can increase the number of shares outstanding (dilution) and therefore affect share value and investor returns.
blank check company financial
"Long Table Growth Corp. is a blank check company formed for the purpose of effecting a merger"
A blank check company is a publicly listed shell that raises money from investors before naming a specific business to buy or merge with, similar to handing a cashier a signed check and asking them to fill in the payee later. It matters to investors because it offers a faster, often cheaper path for private firms to become public, but carries extra risk since returns depend on the organizers’ ability to find a good deal and on limited information about the future business.
Investment Management Trust Agreement financial
"Investment Management Trust Agreement, dated June 3, 2026, by and between the Company and Continental Stock Transfer & Trust Company"
A written contract that names who will run and make investment decisions for a trust’s assets, spells out their authority, duties, fees and how performance and risks will be handled. It matters to investors because it defines who is responsible for growing and protecting the money—like hiring a caretaker with a clear job description—and sets the rules and safeguards that affect returns, costs and how disputes or withdrawals are resolved.
Registration Rights Agreement financial
"Registration Rights Agreement, dated June 3, 2026, by and among the Company and the Sponsor"
A registration rights agreement is a contract that gives investors the option to have their ownership stakes officially registered with the government, making it easier to sell their shares later. This agreement matters because it provides investors with a clearer path to cash out their investments if they choose, offering more liquidity and confidence in their ability to sell their holdings when desired.
FAQ
What did Long Table Growth Corp. (LTGRU) announce in this 8-K filing?
Long Table Growth Corp. reported the completion of its initial public offering of 17,250,000 units at $10.00 per unit, raising $172,500,000 in gross proceeds, alongside a $3,600,000 private warrant placement and funding a $173,362,500 trust for a future business combination.
How large was Long Table Growth Corp.’s IPO and what are the unit terms?
The IPO comprised 17,250,000 units at $10.00 each, including 2,250,000 units from the full over-allotment exercise. Each unit contains one Class A ordinary share and one-half of a redeemable warrant, with each whole warrant exercisable at $11.50 per Class A ordinary share.
How much money did Long Table Growth Corp. place in its SPAC trust account?
The company placed $173,362,500 into a U.S.-based trust account, consisting of $172,250,000 of IPO proceeds (including $5,175,000 of deferred underwriting discount) and $1,112,500 from private warrants proceeds, equating to $10.05 held in trust for each public unit sold.
What private placement did Long Table Growth Corp. complete alongside the IPO?
Concurrently with the IPO closing, Long Table Growth Corp. sold 3,600,000 private placement warrants at $1.00 per warrant, generating $3,600,000. The sponsor, Long Table Growth Sponsor LLC, purchased these warrants, each exercisable to buy one Class A ordinary share at $11.50 per share.
What is Long Table Growth Corp.’s timeline to complete a business combination?
The company must complete its initial business combination within 18 months from the IPO closing. If it does not, it will redeem all public Class A ordinary shares and return the funds held in the trust account, except permitted interest used to pay taxes.
What governance and charter changes accompanied Long Table Growth Corp.’s IPO?
In connection with the IPO, the company appointed three independent directors, formed Audit and Compensation Committees with designated chairs, and adopted an Amended and Restated Memorandum and Articles of Association, with terms described in its effective registration statement on Form S-1.