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Ascendant Digital Acquisition Corp. III (ACDI) announced the redemption of all its outstanding Class A ordinary shares due to the inability to complete an initial business combination by February 15, 2023. The redemption will take effect on February 16, 2023, ending operations except for winding up. Class A shareholders will receive a redemption amount based on the funds in the trust account, while warrants will not be redeemed. The NYSE will file to delist ACDI's securities, followed by a termination of registration under the Securities Exchange Act. This represents a significant action impacting shareholders and ACDI's market presence.
Ascendant Digital Acquisition Corp. III (NYSE: ACDI.U) successfully closed its initial public offering (IPO) on November 15, 2021, raising $300 million by issuing 30 million units priced at $10 each. This includes 3.9 million units from the underwriters' over-allotment option. The IPO units comprise one Class A ordinary share and a half warrant, with each full warrant exercisable at $11.50. The units began trading on November 10, 2021, and the company plans to pursue merger opportunities within the 'Attention Economy', focusing on digital entertainment sectors.
