Supernova Partners Acquisition Company III priced its IPO of 25 million units at $10 each.
The SPAC’s units begin trading today on the NYSE under STRE.U. Each consists of one Class A ordinary share and one-fifth of one redeemable warrant, each whole warrant entitling the holder to purchase a share at $11.50. After the securities comprising the units begin separate trading, shares and warrants are expected to list under STRE and STRE WS, respectively.
Supernova III is led by Spencer Rascoff, who co-founded Hotwire and Zillow and who led Zillow as CEO for nearly a decade; Alexander Klabin, founder and CEO of Ancient Management and co-founder of Senator Investment Group; Robert Reid, an investor who worked for 21 years at Blackstone in its Private Equity Group; and Michael Clifton, an investor who was most recently a senior investment professional at The Carlyle Group.
The new SPAC intends to target a technology company focusing on internet, consumer, media and similar businesses. Read more.
