Range Capital Acquisition (RANGU) raised $100 million – as expected – by pricing its SPAC IPO of 10.0 million units at $10.00 each – on Thursday night, Dec. 19, 2024. At pricing, Range Capital Acquisition had a market cap of $225.0 million. Each unit consists of one share of stock and one right to receive one-tenth (1/10th) of a share of stock upon the consummation of its initial business combination.
Range Capital Acquisition’s stock opened flat at $10.00 at 10:21 a.m. EST today – Friday, Dec. 20, 2024 – on NASDAQ volume of 789,750 shares, according to NASDAQ. Range Capital Acquisition’s stock hit an intraday high of $10.02 and then eased back to the flat line to close its first day of NASDAQ trading at $10.00 on volume of about 3.86 million shares.
EarlyBirdCapital acted as the sole book-runner.
Range Capital Acquisition, based in Cold Spring Harbor, New York, intends to focus on acquisition or business combination targets in the American market with $500 million or more of enterprise value, low leverage, and owners interested in growth capital who are willing to roll over significant equity, the prospectus said. The SPAC was incorporated in the Cayman Islands.
Tim Rotolo, the chairman, CEO and CFO of Range Capital Acquisition, is the CEO and founder of Range Fund Holdings, an investment platform for ETF asset managers. Range Capital Acquisition’s management “will look for sectors that are capital constrained, overlooked or out of favor,” including energy, nuclear energy, defense tech, specialty finance and women’s health, the prospectus said.
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