Aldel Financial II (ALDFU) priced its SPAC IPO in sync with the terms in the prospectus – 20.0 million units at $10.00 each – to raise $200.0 million on Monday night, Oct. 21, 2024. Each unit consists of one ordinary share and one-half of one redeemable warrant. Shares of Aldel Financial II are expected to start trading today – Tuesday, Oct. 22, 2024 – on the NASDAQ.
At pricing, Aldel Financial II became the fourth SPAC to go public in October and the 37th SPAC IPO priced so far in 2024.
BTIG LLC acted as the sole book-runner.
Aldel Financial II is the second SPAC or blank check company created by Robert Kauffman, a co-founder and the former CEO of Fortress Investment Group.
Based in the Chicago suburb of Itasca, Illinois, Aldel Financial II intends to search for target companies involved in financial services, real estate and asset-based finance.
“We will seek to acquire one or more businesses with a market capitalization of between $1 billion and $5 billion,” Aldel Financial II said in the prospectus.
Hassan Baqar is the CFO of Aldel Financial. He has served as the founder and managing member of Sequoia Financial LLC, a management services and advisory firm, since January 2019, according to the prospectus.
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