Two SPACs – Willow Lane Acquisition (WLACU) and A SPAC III Acquisition (ASPCU) – priced their IPOs and raised a total of $165 million on Thursday night, Nov. 7, 2024. Both SPAC IPOs are expected to start trading today – Friday, Nov. 8, 2024 – on the NASDAQ. Bankers priced each SPAC IPO in sync with the terms in its prospectus; please see details below:
*Willow Lane Acquisition Corp. (WLACU) priced 11.0 million units at $10.00 each to raise $110.0 million on Nov. 7, 2024. BTIG acted as the sole book-runner with Craig-Hallum Group serving as the co-manager. – New York-based Willow Lane Acquisition Corp. said its search for an initial business combination target will focus on finding an established middle market company – defined as a company with an enterprise value of less than $1 billion. Under Willow Lane Acquisition’s IPO terms, each unit consists of one share of stock and one-half of one redeemable warrant, the prospectus said. (Incorporated in the Cayman Islands)
*A SPAC III Acquisition Corp. (ASPCU) priced 5.5 million units at $10.00 each to raise $55.0 million on Nov. 7, 2024. Maxim Group served as the sole book-runner. – Hong Kong-based A SPAC III Acquisition Corp. said it will search for target companies in the environmental, sustainability and governance (ESG) sector as well as in the material technology sector. This SPAC said it will search for one or more companies with a total enterprise value of between $100 million and $600 million. CEO Claudius Tsang is a former partner in Franklin Templeton, where he was the co-head of private equity of North Asia. In the prospectus for A SPAC III Acquisition Corp.’s IPO, each unit is defined as consisting of one share of common stock and one right to receive one-tenth (1/10) of a share of common stock upon consummation of the initial business combination. (Incorporated in the British Virgin Islands)
Stay tuned.