Lionheart III Corp Announces Closing of Upsized $125 Million Initial Public Offering Including Full Exercise of Over-Allotment Option

Rhea-AI Summary

Lionheart III Corp has successfully closed its upsized initial public offering, raising $125 million by offering 12.5 million units priced at $10.00 each. This includes the full exercise of the underwriters' over-allotment option. Each unit consists of one share of Class A common stock and half a warrant, with each warrant allowing the purchase of one share at $11.50. The units will trade under the symbol LIONU on Nasdaq. The company aims for significant business combinations focusing on growth-oriented firms.

Positive

• Raised $125 million in an upsized IPO.
• Units consist of Class A common stock and redeemable warrants potentially increasing future capital.
• Intention to acquire growth-oriented businesses could enhance long-term shareholder value.

Negative

• Potential dilution of shares due to warrant exercises.

MIAMI, Nov. 8, 2021 /PRNewswire/ -- Lionheart III Corp (the "Company") announced today the closing of its upsized initial public offering of 12,500,000 units, which included the full exercise of the underwriters' over-allotment option. The offering was priced at $10.00 per unit, generating total gross proceeds of $125,000,000. The units are listed on  The Nasdaq Global Market ("Nasdaq") and trade under the ticker symbol "LIONU".

Each unit consists of one share of the Company's Class A common stock and one-half of one  redeemable warrant, with each whole warrant exercisable to purchase one share of Class A common stock at a price of $11.50 per share (subject to adjustment). Only whole warrants will  be exercisable. Once the securities comprising the units begin separate trading, the Class A common stock and the warrants are expected to be listed on Nasdaq under the symbols  "LION" and "LIONW," respectively.

The Company, led by Chairman, President and CEO, Ophir Sternberg (Founder and CEO of  Lionheart Capital, LLC), Chief Financial Officer Paul Rapisarda and Chief Operations Officer  Faquiry Diaz Cala, 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. Although the Company may pursue an acquisition  opportunity in any business, industry, sector or geographical location, the Company intends  to acquire businesses of scale that the Company believes are poised for continued growth  with capable management teams and proven unit economics, but potentially in need of  financial, operational, strategic or managerial enhancement to maximize value. The  Company's independent directors are Roger Meltzer (Chairman Emeritus of DLA Piper LLP),  Thomas Hawkins (former General Counsel of Blockbuster Entertainment Group), Thomas  Byrne (former Vice-Chairman of Blockbuster Entertainment Group and President of the Viacom  Retail Group), and James Anderson (owner of JA Real Estate Partners, LLC).

Nomura Securities International, Inc. acted as sole book-running manager of the offering, and  Northland Securities, Inc. and Drexel Hamilton, LLC each acted as co-manager of the offering.

A registration statement relating to these securities was declared effective by the U.S.  Securities and Exchange Commission (the "SEC") on November 3, 2021. The offering was  made only by means of a prospectus. Copies of the prospectus relating to this offering may  be obtained by contacting Nomura Securities International, Inc., Attention: Equity Syndicate  Department, Worldwide Plaza, 309 West 49th Street, New York, New York 10019-7316, or by  telephone at 212-667-9000, or by email at equitysyndicateamericas@nomura.com. Copies of  the registration statement can also be accessed through the SEC's website at www.sec.gov.

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.

Cautionary Note Concerning 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 initial public offering and 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 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.

Media Contact:

Faquiry Diaz, COO
fdc@lheartcapital.com 
305.803.7575

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SOURCE Lionheart III Corp

FAQ

What was the total amount raised by Lionheart III Corp in its IPO?

Lionheart III Corp raised a total of $125 million in its initial public offering.

What is included in each unit offered by Lionheart III Corp?

Each unit consists of one share of Class A common stock and one-half of a redeemable warrant.

When did Lionheart III Corp's IPO close?

Lionheart III Corp's IPO closed on November 8, 2021.

What will the units of Lionheart III Corp trade under on Nasdaq?

The units will trade under the ticker symbol LIONU on Nasdaq.

What is the intended use of the proceeds from Lionheart III Corp's IPO?

The proceeds are intended for pursuing business combinations with growth-oriented firms.