Aldel Financial closed its IPO of 11.5 million units at $10 each, including the purchase of 1.5 million units by the underwriters exercising their over-allotment option in full.
Units consist of one share of common stock and one-half of one redeemable warrant. Each whole warrant is exercisable at $11.50. Units list on the NYSE under ADF.U. Once the securities comprising the units begin separate trading, stock and the warrants are expected to trade under ADF and ADF WS, respectively.
Aldel said it will not limit its search for a target company to any particular business segment, but will concentrate on companies exiting the restructuring process, or businesses that have transient current ownership. Read more.
