Andretti Acquisition Corp. II, a special purpose acquisition company (SPAC), has successfully completed its initial public offering (IPO) and a concurrent private placement, according to a recent filing with the Securities and Exchange Commission. The events, which occurred on Monday, resulted in significant funds being raised and placed into a trust account.
On September 9, 2024, the company, also known as a blank check company, closed its IPO with the issuance of 23 million units, including 3 million units issued through the full exercise of the underwriters' over-allotment option.
Each unit consists of one Class A ordinary share and half of one redeemable warrant, with each whole warrant allowing the purchase of one Class A ordinary share at $11.50. The units were offered at $10.00 each, amassing gross proceeds of $230 million.
In tandem with the IPO, Andretti Acquisition Corp. II also carried out a private placement of 760,000 units, raising an additional $7.6 million. The private placement units were sold to the company's sponsor, Andretti Sponsor II LLC, and BTIG, LLC, each at the same $10.00 price per unit.
The combined net proceeds from the IPO, including the underwriter's deferred discount, and the private placement, totaling $231.15 million, have been deposited into a trust account with Continental Stock Transfer & Trust Company serving as trustee.
An audited balance sheet reflecting the receipt of the proceeds from the IPO and the private placement as of September 9, 2024, has been made public in the filing. The funds in the trust account are earmarked for future business endeavors, including potential mergers, capital stock exchanges, asset acquisitions, stock purchases, reorganizations, or similar business combinations.
The company's securities, including units (NASDAQ:POLEU), Class A ordinary shares (NASDAQ:POLE), and warrants (NASDAQ:POLEW), are listed on The Nasdaq Stock Market LLC. Andretti Acquisition Corp. II, which operates under the jurisdiction of the Cayman Islands, has its principal executive offices in Indianapolis, Indiana.
InvestingPro Insights
Andretti Acquisition Corp. II's recent IPO and private placement have set the stage for its future business ventures. For investors keeping an eye on this SPAC, current InvestingPro data shows a market capitalization of $256.49 million, reflecting the scale of the company post-IPO. Despite the recent financial activities, POLEU's stock trades with low price volatility, which could be seen as a stabilizing factor for investors considering entry into this newly public entity.
Moreover, the company's stock is trading near its 52-week high, at 99.9% of this peak value, indicating a strong market reception since its listing. However, potential investors should note that Andretti Acquisition Corp. II does not pay a dividend, which might influence investment decisions for those seeking periodic income. With these insights, including additional InvestingPro Tips available for POLEU, investors can make more informed decisions aligned with their financial strategies.
For a deeper dive into Andretti Acquisition Corp. II's financial health and market performance, investors can access a comprehensive list of InvestingPro Tips at https://www.investing.com/pro/POLEU.
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