- Texas Ventures Acquisition III Corp completes $225 million initial public offering.
- Units begin trading on Nasdaq under the ticker "TVACU".
- $226.125 million placed in trust for future business combinations.
Texas Ventures Acquisition III Corp has successfully completed its initial public offering (IPO), raising $225 million by selling 22,500,000 units at $10.00 per unit. This includes 2,500,000 units from the underwriters' partial exercise of their over-allotment option. The units are now trading on Nasdaq under the ticker symbol "TVACU".
Each unit comprises one Class A ordinary share and one-half of a redeemable warrant, where full warrants are exercisable at $11.50 per share. The company has placed a total of $226.125 million, or $10.05 per unit, in trust from the IPO and private warrant placement.
As a blank check company, Texas Ventures Acquisition III Corp aims to target business combinations in the industrial technology sector. The focus will be on companies advancing technologies in software, IoT, digital and energy transition, logistics, cloud services, and 5G communications. The leadership team is headed by CEO E. Scott Crist and CFO R. Greg Smith.
Cohen & Company Capital Markets and Clear Street served as book-runners for the offering, which marks the company's strategic entry into the market with a clear acquisition strategy. The company's management is expected to leverage its experience in SPAC vehicles to execute successful mergers or acquisitions within the specified timeframe.
