The IPO Buzz: Two SPAC IPOs Raise A Combined $361.5 Million

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SPACs grabbed the early November spotlight. Two SPAC IPOs raised a combined $361.5 million on Wednesday night (Nov. 8, 2023):

  • AI Transportation Acquisition Corp. (AITRU) upsized its SPAC IPO at pricing to 6.15 million units – up from 5.0 million units in the prospectus – and priced the deal at $10.00, as expected, to raise $61.5 million. EF Hutton was the sole book-runner.

  • Agriculture & Natural Solutions Acquisition Corp. (ANSCU) priced its SPAC IPO of 30.0 million units at $10.00 each – the terms in the prospectus – to raise $300.0 million – making it one of the largest SPAC IPOs of the year. Citigroup was the sole book-runner.

Both AITRU and ANSCU started trading today – Thursday, Nov. 9, 2023 – on the NASDAQ.

Agriculture & Natural Solutions Acquisition Corp. (ANSCU) opened at $10.05 at 10:35 a.m. EST today (Thursday, Nov. 9, 2023) on the NASDAQ on volume of 1.69 million shares. The sustainable agriculture SPAC’s stock closed today at $10.05, up a nickel or 0.5 percent from its IPO price, on volume of 24.31 million shares.

AI Transportation Acquisition Corp. (AITRU)  opened at $10.10 at 10:45 a.m. EST today (Thursday, Nov. 9, 2023) on the NASDAQ on volume of 1.53 million shares. The AI-driven transportation SPAC’s stock closed today at $10.16, up 16 cents or 1.6 percent from its IPO price, on volume of 5.46 million shares.

These two blank check deals became the 25th and 26th SPAC IPOs priced so far this year.

AI-Driven Transportation

AI Transportation Acquisition Corp.  (AITRU) intends to search for a target business in the transportation field. Its shopping list will include, but not be limited to, companies involved in logistics, new energy vehicles, smart parking, on-board chips and AI algorithms, automotive services and related areas of intelligent transportation.

This SPAC’s management team and its board of directors are in China, the prospectus says. The special-purpose acquisition vehicle, however, is based in New York. The blank check company is incorporated in the Cayman Islands.

The prospectus for the AITRU deal says each unit consists of one ordinary share and the right to receive one-eighth (1/8) of one ordinary share upon the consummation of the initial business combination. Trust terms: $10.10 per unit.

Sustainable Agriculture

Agriculture & Natural Solutions Acquisition Corp. (ANSCU) intends to search for a target business in the agriculture sector focused on decarbonization. The New York-based SPAC is sponsored by Riverstone, a private equity firm with over 17 years of experience with investing in renewables, and Impact Ag, an agricultural asset management firm. The blank check company is incorporated in the Cayman Islands.

“We intend to capitalize on the sponsor entities’ platforms to identify, acquire and build a company whose principal effort is developing and advancing a platform that decarbonizes the traditional agriculture sector and enhances natural capital at scale,” the prospectus says. “We believe these areas of focus represent a favorable and highly fragmented market opportunity to consummate a business combination.”

The ANSCU prospectus says that each unit consists of one Class A ordinary share and one-half of one warrant. Each whole warrant entitles the holder to buy one Class A ordinary share at a price of $11.50 per share, subject to adjustment as described in the prospectus, and only whole warrants are exercisable. Trust terms: $10.00 per unit.

(For more information about these companies, please check the IPO Calendar and the individual IPO Profiles found on IPOScoop.com’s website.)

Note: Never trade on proposed symbols. They have been known to change and you might buy something on the OTC Bulletin Board.

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Disclosure: Nobody on the IPOScoop.com staff has a position in any stocks mentioned above, nor do they trade or invest in IPOs. The IPOScoop.com staff does not issue advice, recommendations or opinions.

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