Archimedes Tech SPAC Partners II Co. Announces Closing of $230 Million Initial Public Offering, Including Full Exercise of Underwriters’ Over-Allotment Option

Rhea-AI Summary

Archimedes Tech SPAC Partners II has successfully completed its initial public offering (IPO), raising $230 million in gross proceeds through the sale of 23 million units at $10.00 per unit. The offering included a fully exercised over-allotment option of 3 million units.

The units, trading under symbol ATIIU on Nasdaq, consist of one ordinary share and one-half redeemable warrant. Each whole warrant allows holders to purchase one ordinary share at $11.50. The ordinary shares and warrants will eventually trade separately under symbols ATII and ATIIW respectively. BTIG, served as the sole book-running manager for the IPO.

Positive

• Successful IPO raising $230 million in gross proceeds
• Full exercise of over-allotment option indicating strong demand
• Listing on Nasdaq Global Market providing high visibility and liquidity

Negative

• Potential dilution from warrant exercises at $11.50 per share

Insights

Investment Banking Analyst

The successful $230 million SPAC IPO, including full exercise of the over-allotment option, signals robust investor interest despite the challenging SPAC market environment. The complete uptake of the greenshoe option (15% additional units) is particularly noteworthy, as it indicates strong institutional demand and could provide enhanced stability in early trading.

The unit structure, combining one share with a half-warrant exercisable at $11.50, represents a standard SPAC configuration that balances investor upside potential with manageable dilution. This structure typically attracts sophisticated investors who understand the asymmetric risk-reward profile of SPAC investments, where downside is to the trust value while upside potential remains substantial through warrant participation.

BTIG's role as sole book-runner, rather than a syndicate of banks, suggests a focused distribution strategy targeting their institutional client base. This concentrated approach often results in a more stable shareholder base and can be advantageous during the de-SPAC process. The tech focus of this SPAC is particularly relevant given the current market's appetite for AI, semiconductor, and enterprise software targets, though the $230 million size positions it for mid-market technology acquisitions rather than larger unicorns.

CLAYMONT, Del., Feb. 12, 2025 (GLOBE NEWSWIRE) -- Archimedes Tech SPAC Partners II Co. (the “Company”) today announced the closing of its initial public offering of 23,000,000 units, which includes 3,000,000 units issued pursuant to the full exercise by the underwriters of their over-allotment option. The offering was priced at $10.00 per unit, resulting in gross proceeds of $230,000,000, before deducting underwriting discounts and estimated offering expenses.

The Company’s units began trading on The Nasdaq Global Market (“Nasdaq”) on February 11, 2025 under the ticker symbol “ATIIU.” Each unit consists of one ordinary share and one-half of one redeemable warrant. Each whole warrant will entitle the holder thereof to purchase one ordinary share at $11.50 per share. Once the securities comprising the units begin separate trading, the ordinary shares and warrants are expected to be listed on Nasdaq under the symbols “ATII” and “ATIIW,” respectively.

BTIG, LLC is acting as sole book-running manager for the offering.

The offering was made only by means of a prospectus, copies of which may be obtained from: BTIG, LLC, 65 East 55th Street, New York, New York 10022, or by email at ProspectusDelivery@btig.comProspectusDelivery@btig.com. The registration statements relating to the securities were declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on February 10, 2025.

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.

About Archimedes Tech SPAC Partners II Co.

Archimedes Tech SPAC Partners II Co. is a blank check company, also commonly referred to as a special purpose acquisition company, or SPAC, formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or other similar business combination with one or more businesses. While the Company may pursue a business combination target in any business, industry or geographical location, the Company intends to focus its search for businesses in the technology industry, and its focus will be on the artificial intelligence, cloud services and automotive technology sectors.

Forward-Looking Statements

This press release contains statements that constitute “forward-looking statements,” including with respect to the anticipated use of the net proceeds of the offering and the Company’s search for an initial business combination. No assurance can be given that the net 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 and prospectus for the Company’s 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.

Contacts

Long Long
Chief Executive Officer
Archimedes Tech SPAC Partners II Co.
(725) 312-2430

FAQ

How much did Archimedes Tech SPAC Partners II (ATII) raise in its IPO?

Archimedes Tech SPAC Partners II raised $230 million in gross proceeds through its IPO, selling 23 million units at $10.00 per unit.

What is included in each ATII unit from the IPO?

Each unit consists of one ordinary share and one-half of one redeemable warrant, with each whole warrant allowing the purchase of one ordinary share at $11.50.

What are the trading symbols for Archimedes Tech SPAC Partners II (ATII)?

The units trade under ATIIU, while the ordinary shares and warrants will trade separately under ATII and ATIIW respectively.

When did ATII begin trading on Nasdaq?

ATII units began trading on the Nasdaq Global Market on February 11, 2025.

How many additional units were sold through the over-allotment option?

The underwriters exercised their full over-allotment option, adding 3 million units to the offering.