Lionheart III priced its upsized IPO of 11.5 million units at $10 each, an increaee of 1.5 million units more than expected when the SPAC registered the offering in March. Units begin trading today on the Nasdaq under LIONU.
Each consists of one share and one-half of a warrant. When the securities begin separate trading, stock and warrants are expected to list under LION and LIONW.
The offering is expected to close Nov. 8.
Lionheart III in a news release said it “intends to acquire businesses of scale that the company believes are poised for continued growth with capable management teams and proven unit economics, but potentially in need of financial, operational, strategic or managerial enhancement to maximize value.”
Nomura Securities is sole book-running manager of the offering. Northland Securities and Drexel Hamilton are co-managers. The underwriters have an option to purchase up to 1 million additional units to cover over-allotments, if any. Read more.
