- New Providence Acquisition Corp. III sets $261 million IPO, with units priced at $10.05 each.
- Units to debut on Nasdaq under ticker symbol "NPACU" starting April 24, 2025.
- Company aims for acquisitions in the consumer industry, offering flexibility in other sectors.
New Providence Acquisition Corp. III has announced the pricing of its initial public offering (IPO), raising a total of $261 million. The offering consists of 26,100,000 units priced at $10.05 per unit. Each unit includes one Class A ordinary share and one-third of one redeemable warrant.
The units are set to begin trading on the Nasdaq exchange under the ticker symbol "NPACU" on April 24, 2025. Once trading separately, the Class A shares and warrants will be listed under the symbols "NPAC" and "NPACW" respectively. Warrants will allow holders to purchase additional shares at an exercise price of $11.50 each.
Led by co-CEOs Gary Smith and Alexander Coleman, and CFO Leo Valentine, the company is a blank check company positioned to target acquisitions predominantly within the consumer industry. However, it remains open to opportunities across various sectors. Cantor Fitzgerald & Co. is acting as the sole book-running manager for the offering, anticipated to close on April 25, 2024.
The IPO includes a 45-day option for underwriters to purchase up to an additional 3,915,000 units to cover over-allotments. An amount of $10.05 per unit will be deposited into a trust account, offering a slight premium over the typical $10 trust value seen in many SPAC structures.
For more information, investors are encouraged to review the prospectus available through Cantor Fitzgerald or via the SEC's website.
