Blank check company 10X Capital Venture Acquisition Corp. III (NYSE: VCXB.U) is looking to raise US$261 million for its initial public offering. The company goes public today on the New York Stock Exchange.
The offering consists of 26.1 million company units selling at US$10.00 per unit. This is an upsize from the previous plan to offer 25.0 million units, which itself is a downsize from the original 35.0 million units.
Each unit consists of one Class A share and one-third of a purchase warrant. Each whole warrant is exercisable to purchase one whole Class A share at US$11.50 per share. The Class A shares and the warrants will be trading on the New York-based big board under symbols “VCXB” and “VCXB.WS”, respectively.
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The underwriters were granted a 45-day option to purchase an additional 3.915 million units at the same IPO price. Cantor Fitzgerald & Co. is the sole bookrunner managing the proposed offering.
The firm is backed by investment firm 10X Capital, whose chief executive officer Hans Thomas also leads the SPAC as chairman and CEO. 10X Capital and its venture capital subsidiary Growth Technology Partners have investments in various tech firms like Robinhood, Ripple, Headspace, Udemy, and 23andMe.
The first 10X Capital Venture Acquisition SPAC consummated its business combination with electric vehicle firm REE Automotive in July 2021 while 10X Capital Venture Acquisition II closed its US$200 million IPO in August 2021.
The SPAC said it intends to focus its search on high-growth technology and tech-enabled businesses.
Information for this briefing was found via Edgar and Acropolis Infrastructure Acquisition. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
