ARCHIMEDES TECH SPAC PARTNERS CO. ANNOUNCES THE PRICING OF UPSIZED $120 MILLION INITIAL PUBLIC OFFERING

Rhea-AI Summary

Archimedes Tech SPAC Partners Co. (NASDAQ: ATSPU) has priced its upsized IPO of 12,000,000 units at $10.00 each, set to begin trading on March 11, 2021. Each unit comprises one share and one-quarter of a redeemable warrant, with full warrants allowing purchase of shares at $11.50. The offering is expected to close on March 15, 2021. The company, focused on technology sector acquisitions, has granted underwriters a 45-day option for an additional 1,800,000 units to cover over-allotments.

Positive

• Upsized IPO of 12,000,000 units priced at $10.00, indicating strong investor interest.
• Focus on technology sector for potential acquisitions could lead to growth opportunities.

Negative

• Risk of dilution for existing shareholders with potential additional units offered.

New York, New York, March 10, 2021 (GLOBE NEWSWIRE) -- Archimedes Tech SPAC Partners Co. (“Archimedes Tech” or the “Company”) (NASDAQ: ATSPU) announced today that it priced its upsized initial public offering of 12,000,000 units, at $10.00 per unit. The units will be listed on the NASDAQ Capital Market (“NASDAQ”) and will begin trading tomorrow, March 11, 2021, under the ticker symbol “ATSPU.” Each unit consists of one subunit and one-quarter of a redeemable warrant.  Each subunit consists of one share of the Company’s common stock and one-quarter of a redeemable warrant. Each full warrant entitles the holder thereof to purchase one share of common stock at a price of $11.50 per share. Once the securities comprising the units begin separate trading, the subunits and warrants are expected to be listed on NASDAQ under the symbols “ATSPT” and “ATSPW,” respectively.  Assuming the Company consummates an initial business combination, the subunits will separate into the underlying shares of common stock and warrants, while the units and subunits will cease to trade.

The offering is expected to close on March 15, 2021, subject to customary closing conditions.

Archimedes Tech is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. While the Company may pursue an acquisition in any business industry or sector, it intends to concentrate its efforts on identifying businesses in the technology industry. The Company is led by Chairman Dr. Eric Ball, Chief Executive Officer & President Stephen Cannon, Chief Operating Officer Daniel Sheehan, Chief Financial Officer Long Long and advised by its special advisor, Brent Callinicos.

EarlyBirdCapital, Inc. is acting as sole book-running manager of the offering and I-Bankers Securities, Inc. is acting as co-manager of the offering. The Company has granted the underwriters a 45-day option to purchase up to an additional 1,800,000 units at the initial public offering price to cover over-allotments, if any.

The offering is being made only by means of a prospectus. Copies of the preliminary prospectus relating to the offering and final prospectus, when available, may be obtained from EarlyBirdCapital, Inc., Attn: Syndicate Department, 366 Madison Avenue, 8th Floor, New York, New York 10017.

Registration statements relating to these securities have been filed with the Securities and Exchange Commission (“SEC”) and became effective on March 10, 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 an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

FORWARD-LOOKING STATEMENTS
This press release contains statements that constitute “forward-looking statements,” including with respect to the initial public offering and the 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 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 for the 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.

Investor Contact:
Archimedes Tech SPAC Partners Co.
(650) 560-4753
Info@ArchimedesSPAC.com

FAQ

What is the IPO price and size for Archimedes Tech SPAC (ATSPU)?

Archimedes Tech SPAC has priced its IPO at $10.00 per unit, totaling 12,000,000 units.

When will Archimedes Tech SPAC's IPO begin trading?

The IPO units will begin trading on March 11, 2021.

What is the ticker symbol for Archimedes Tech SPAC's subunits?

The ticker symbol for the subunits will be 'ATSPT' once they begin separate trading.

How does the warrant structure work in Archimedes Tech's IPO?

Each unit consists of one share and one-quarter of a redeemable warrant, with full warrants allowing purchase at $11.50 per share.

What is the purpose of the funds raised from Archimedes Tech SPAC's IPO?

The funds are intended for a merger, stock purchase, or similar business combination, primarily targeting the technology sector.