Ascendant Digital Acquisition Corp. III Announces Pricing of Upsized $261 Million Initial Public Offering

Rhea-AI Summary

Ascendant Digital Acquisition Corp. III has priced its upsized IPO at $10.00 per unit, raising $261 million by offering 26,100,000 units, which will begin trading on the NYSE under the symbol ACDI.U from November 10, 2021. Each unit comprises one Class A ordinary share and a half redeemable warrant, the latter exercisable at $11.50. The underwriters also have a 45-day option to purchase an additional 3,915,000 units. The IPO aims to identify opportunities within the 'Attention Economy' sector.

Positive

• Successful pricing of an upsized initial public offering at $10.00 per unit.
• Raising $261 million to pursue potential business combinations.
• Focus on the 'Attention Economy' which includes growing digital entertainment sectors.

Negative

• Dependence on completing a business combination; no guarantee of future success.
• Risks remain due to market volatility and regulatory approvals needed for the offering.

NEW YORK, Nov. 09, 2021 (GLOBE NEWSWIRE) -- Ascendant Digital Acquisition Corp. III (the “Company”) today announced the pricing of its upsized initial public offering of 26,100,000 units at a price of $10.00 per unit. The units will be listed on the New York Stock Exchange (the “NYSE”) and will trade under the ticker symbol “ACDI.U” beginning on November 10, 2021. Each unit consists of one Class A ordinary share and one-half of one redeemable warrant, with each whole warrant exercisable to purchase one Class A ordinary share at a price of $11.50 per share. Only whole warrants will be exercisable. Once the securities comprising the units begin separate trading, the Class A ordinary shares and warrants are expected to be listed on the NYSE under the symbols “ACDI” and “ACDI WS,” respectively. The offering is expected to close on November 15, 2021.

Ascendant Digital Acquisition Corp. III is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. The Company intends to focus on businesses that operate within the “Attention Economy,” which refers to various converging sectors within interactive (digital) entertainment, film/television, music, print and digital books (including magazine and comics publications), e-sports, live events and other forms of consumer entertainment and enabling services and technologies.

Goldman Sachs is acting as the sole book-running manager of the offering. Odeon Capital Group, LLC is acting as lead manager of the offering. The Company has granted the underwriters a 45-day option to purchase up to an additional 3,915,000 units at the initial public offering price to cover over-allotments, if any.

A registration statement relating to these securities was declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on November 9, 2021. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

The offering is being made only by means of a prospectus. When available, copies of the prospectus relating to this offering may be obtained from Goldman Sachs & Co., LLC, Attention: Prospectus Department, 200 West Street, New York, NY 10282, telephone: +1 866 471 2526, facsimile: +1 212 902 9316, or email: prospectus-ny@ny.email.gs.com.

Cautionary Note Concerning Forward-Looking Statements

This press release contains statements that constitute “forward-looking statements,” including with respect to the initial public offering and search for an initial business combination. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or that the proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement for the initial public offering filed with the SEC. Copies are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Contact

Cody Slach
Gateway Investor Relations
(949) 574-3860
ACDI@gatewayir.com

FAQ

What is the pricing of Ascendant Digital Acquisition Corp. III's IPO?

Ascendant Digital Acquisition Corp. III's IPO is priced at $10.00 per unit.

What will be the trading symbol for Ascendant Digital Acquisition Corp. III on NYSE?

The trading symbol for Ascendant Digital Acquisition Corp. III on NYSE will be ACDI.U.

When will Ascendant Digital Acquisition Corp. III's IPO start trading?

The IPO will start trading on the NYSE from November 10, 2021.

What is the focus of Ascendant Digital Acquisition Corp. III?

The company aims to focus on businesses in the 'Attention Economy' sector.

How much capital is Ascendant Digital Acquisition Corp. III raising through the IPO?

Ascendant Digital Acquisition Corp. III is raising $261 million through the IPO.