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

Rhea-AI Summary

Archimedes Tech SPAC Partners Co. (NASDAQ: ATSPU) successfully closed its upsized initial public offering of 12,000,000 units at $10.00 per unit, generating gross proceeds of $120,000,000. Each unit consists of one subunit and one-quarter of a redeemable warrant, with warrants convertible at $11.50 per share. The offering's registration was declared effective on March 10, 2021, and the units began trading on March 11, 2021. Archimedes Tech aims to focus on technology sector acquisitions and has granted underwriters a 45-day option to buy an additional 1,800,000 units.

Positive

• Gross proceeds of $120,000,000 from the initial public offering.
• Intended focus on acquiring businesses in the technology industry.
• Successful trading debut on NASDAQ under ticker ATSPU.

Negative

• None.

New York, New York, March 15, 2021 (GLOBE NEWSWIRE) -- Archimedes Tech SPAC Partners Co. (“Archimedes Tech” or the “Company”) (NASDAQ: ATSPU) announced today that it closed its upsized initial public offering of 12,000,000 units at $10.00 per unit, resulting in gross proceeds of $120,000,000.

The Company’s units began trading on the NASDAQ Capital Market (“NASDAQ”) on 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.

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. acted as sole book-running manager of the offering and I-Bankers Securities, Inc. acted 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.

Registration statements relating to these securities were declared effective by the Securities and Exchange Commission (“SEC”) on March 10, 2021. The offering was made only by means of a prospectus, copies of which may be obtained by contacting EarlyBirdCapital, Inc., Attn: Syndicate Department, 366 Madison Avenue, 8th Floor, New York, New York 10017.

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 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 are the details of Archimedes Tech's IPO on March 11, 2021?

Archimedes Tech SPAC Partners Co. closed its IPO on March 11, 2021, offering 12,000,000 units at $10.00 each, raising $120,000,000.

What is the purpose of the proceeds from Archimedes Tech's IPO?

The proceeds will be used to pursue business combinations, primarily in the technology sector.

What is the stock symbol for Archimedes Tech?

The stock symbol for Archimedes Tech is ATSPU.

What trading options are available after the IPO?

The units will separate into subunits and warrants, expected to trade under symbols ATSPT and ATSPW.