Ares Acquisition priced its upsized IPO of 87 million units at a price of $10 each. The SPAC initially filed to offer 60 million units last month, later raising the offer to 72.5 million units.
The SPAC said it will not be limited to a particular industry or geographic region in its identification and acquisition of a target company, except that it does not intend to pursue the fossil fuel energy industry.
Units begin trading today on the NYSE under AAC. Once the securities comprising the units begin separate trading, shares and warrants are expected to list under AAC and AAC.WS, respectively. Read more.
