Welcome to our dedicated page for Atlantic Coastal Acquisition II Unit news (Ticker: ACABU), a resource for investors and traders seeking the latest updates and insights on Atlantic Coastal Acquisition II Unit stock.
Atlantic Coastal Acquisition Corp. II (NASDAQ: ACABU) is a blank check company formed with the purpose of executing a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses. The company successfully closed its upsized initial public offering (IPO) on January 19, 2022, raising gross proceeds of $300 million. Each of its units comprises one share of Series A common stock and one-half of a warrant, with the units trading under the ticker symbol 'ACABU' on the Nasdaq Global Market.
Headed by Chief Executive Officer Shahraab Ahmad, President Burt Jordan, Chief Strategy Officer Tony Eisenberg, and Chief Financial Officer Jason Chryssicas, ACABU plays a crucial role in the financial market by providing opportunities for companies to go public without undergoing the traditional IPO process. The management team is backed by the expertise of Cantor Fitzgerald & Co., which acted as the sole book-running manager for the offering, with Academy Securities, Inc., and Siebert Williams Shank & Co., LLC as co-managers.
In a significant development, Atlantic Coastal Acquisition Corp. II announced a business combination agreement with Abpro Corporation, a biotechnology company specializing in next-generation antibody therapies. The merger, valued at $725 million, aims to advance Abpro’s drug pipeline into clinical trials and is expected to close in Q2 2024. Abpro’s focus includes treatments for HER2+ cancers and other severe diseases, leveraging its proprietary DiversImmune® platform.
Investors and stakeholders can obtain further details and updates related to the company's operations, upcoming mergers, and financial performance through regular filings with the SEC and direct inquiries to their contact email, hello@atlanticcoastal.io.
Atlantic Coastal Acquisition Corp. II announced that starting March 7, 2022, unit holders from their IPO can separately trade shares of Series A common stock and warrants. Whole warrants only will trade post-separation, with units trading on Nasdaq under symbol ACABU and separated stocks under symbols ACAB for common stock and ACABW for warrants. The offering was managed primarily by Cantor Fitzgerald & Co. and was registered with the SEC on January 13, 2022.
Atlantic Coastal Acquisition Corp. II (ACAH II) has successfully closed its upsized initial public offering (IPO) of 30 million units at $10.00 each, yielding gross proceeds of $300 million. This offering includes 3.9 million units from the underwriters' over-allotment option. The units, consisting of one share of Series A common stock and one-half warrant, are now listed on the Nasdaq under ticker symbol ACABU. The funds raised will be utilized for potential business combinations. The IPO's registration statement was effective as of January 13, 2022.
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