INSU Acquisition III said in a filing it completed the sale of 25 million units in its IPO.
The SPAC granted the underwriters a 45-day option to purchase up to 3.27 million additional units to cover any over-allotments. The underwriters exercised the option to buy 3.2 million units waived the remainder. As a result, certain initial stockholders forfeited an aggregate of 23,333 shares of the SPAC’s Class B common stock.
Simultaneously with the closing of the IPO, the INSU III closed the sale of 575,000 units in a PIPe transaction at $10 each, generating gross proceeds of $5.75 million. The PIPE units were purchased by one of the company’s sponsors, Insurance Acquisition Sponsor III.
The SPAC is targeting insurance distribution businesses, regulated insurance or reinsurance businesses, and insurance related technology companies. Read more.
