Alpha Partners Technology Merger priced its IPO of 25 million units at $10 each. Units begin trading today on the Nasdaq under APTMU.
Each consists of one share and one-third of one redeemable warrant; whole warrants exercisable for $11.50 per share. Once the securities begin separate trading, shares and warrants are expected to list under APTM and APTMW.
The new SPAC intends to acquire a technology business which addresses large and acute market needs or pain-points via the application of software or technology-enabled business models. The focus is on businesses powered by long-term secular trends and that are able to thrive regardless of market cycle by virtue of the unique utility they provide to their users.
Citigroup and Morgan Stanley are joint book-running managers of the offering. William Blair & Company is co-manager. The underwriters have a 45-day option to purchase up to an additional 3.75 million units to cover any over-allotments. Read more.