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Space Asset Acquisition Corp. completed its initial public offering of 23,000,000 units at $10.00 per unit, generating $230,000,000 in gross proceeds. Each unit contains one Class A ordinary share and one-third of a redeemable warrant exercisable at $11.50 per share.
The company also sold 645,000 private placement units at $10.00 per unit for $6,450,000, purchased by its sponsor and BTIG, LLC. A total of $230,000,000, including IPO and private placement proceeds, was placed in a U.S. trust account to fund a future business combination or redemptions.
Three independent directors were appointed, the board was classified into three staggered classes, and an amended and restated memorandum and articles of association became effective. The SPAC plans to seek a business combination in the global space economy, including technology and defense sectors.