Andretti Acquisition Corp. II Announces the Pricing of $200,000,000 Initial Public Offering

Rhea-AI Summary

Andretti Acquisition Corp. II has announced the pricing of its initial public offering of 20,000,000 units at $10.00 per unit, expected to begin trading on Nasdaq under the symbol "POLEU" on September 6, 2024. Each unit comprises one Class A ordinary share and half a redeemable warrant. The company, a blank check company focused on business combinations, is led by William J. Sandbrook as Chairman and William M. Brown as CEO, with Michael M. Andretti and Mario Andretti serving as Special Advisors. BTIG, is the sole book-running manager for the $200 million offering, which is expected to close on September 9, 2024, subject to conditions.

Positive

• Initial public offering of $200 million, indicating strong investor interest
• Listing on Nasdaq, providing increased visibility and liquidity
• Experienced management team with industry veterans
• 45-day option for underwriters to purchase additional 3,000,000 units, potentially increasing capital raised

Negative

• Blank check company structure carries inherent risks and uncertainties
• No specific target business identified yet for acquisition or merger

Insights

Financial Analyst

The pricing of Andretti Acquisition Corp. II's $200 million IPO marks a significant event in the SPAC market. With units priced at $10.00 each, this offering aligns with typical SPAC structures. The inclusion of a 45-day over-allotment option for an additional $30 million provides flexibility to meet potential excess demand. The company's focus on acquiring a "compelling asset with a skilled management team" suggests a strategic approach to target selection. However, investors should note that SPACs carry inherent risks, including the potential for dilution and the uncertainty of finding a suitable acquisition target within the specified timeframe. The involvement of racing legends Mario and Michael Andretti may add brand value but doesn't guarantee business success.

Legal Expert

The regulatory compliance aspects of this IPO are crucial. The registration statement's effectiveness on September 5, 2024, indicates SEC approval, a key milestone. The company's disclosure about the offering being made only through a prospectus aligns with securities law requirements. The structure of the units, including the warrant terms, is standard for SPACs but requires careful investor scrutiny. The 45-day over-allotment option is a common feature that provides market stabilization. Importantly, the press release includes a statutory prospectus disclaimer, which is essential for regulatory compliance. Potential investors should be aware that despite these legal steps, SPAC investments carry unique risks, including potential conflicts of interest and the pressure to complete a business combination within a set timeframe.

Market Research Analyst

This IPO reflects ongoing interest in the SPAC market, despite recent volatility. The $200 million raise, while significant, is moderate compared to some high-profile SPACs, potentially indicating a more focused approach. The company's broad acquisition criteria, spanning "any business or industry," offer flexibility but may also signal a lack of specific sector expertise. The involvement of the Andretti name could provide a competitive edge in deal-making, particularly in automotive or sports-related sectors. However, investors should note that name recognition doesn't guarantee financial success. The market's reception to this IPO, particularly the trading performance of POLEU units, will be a key indicator of investor appetite for new SPACs in the current economic climate.

New York, NY , Sept. 05, 2024 (GLOBE NEWSWIRE) -- Andretti Acquisition Corp. II (the “Company”) announced today the pricing of its initial public offering of 20,000,000 units at a price of $10.00 per unit. The units are expected to be listed on The Nasdaq Stock Market LLC (“Nasdaq”) and begin trading tomorrow, September 6, 2024, under the ticker symbol “POLEU.” Each unit consists of one Class A ordinary share and one-half of one redeemable warrant, with each whole warrant entitling the holder thereof to purchase one Class A ordinary share at a price of $11.50 per share, subject to certain adjustments. No fractional warrants will be issued upon separation of the units and only whole warrants will trade. Once the securities constituting the units begin separate trading, the Class A ordinary shares and warrants are expected to be listed on Nasdaq under the symbols “POLE” and “POLEW,” respectively. The offering is expected to close on September 9, 2024, subject to customary closing conditions. The Company has granted the underwriters a 45-day option to purchase up to an additional 3,000,000 units at the initial public offering price to cover over-allotments, if any.

The Company is a blank check company formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. The Company may pursue an acquisition opportunity in any business or industry or at any stage of its corporate evolution but is focused on acquiring a compelling asset with a skilled management team that is ready to grow.

The Company’s management team is led by William J. Sandbrook, its Chairman of the Board of Directors (the “Board”), William M. Brown, its Chief Executive Officer, and Michael M. Andretti, a Special Advisor and Director.  Mario Andretti also serves as a Special Advisor. In addition, the Board includes Zakary C. Brown, James W. Keyes, Cassandra S. Lee, Gerald D. Putnam, and John J. Romanelli.

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

The offering is being made only by means of a prospectus. When available, copies of the prospectus may be obtained from BTIG, LLC, Attention: 65 East 55th Street, New York, New York 10022, or by email at ProspectusDelivery@btig.com.

A registration statement relating to the securities has been filed with the U.S. Securities and Exchange Commission (“SEC”) and became effective on September 5, 2024. 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 proposed 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 net proceeds 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 initial public offering filed with the SEC. Copies of these documents 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 Contacts

Andretti Acquisition Corp. II
William M. Brown
matt.brown@andrettiacquisition.com
(317) 872-2700

FAQ

What is the IPO price for Andretti Acquisition Corp. II (POLE) units?

Andretti Acquisition Corp. II has priced its IPO at $10.00 per unit.

When will Andretti Acquisition Corp. II (POLE) start trading on Nasdaq?

The units are expected to begin trading on Nasdaq on September 6, 2024, under the ticker symbol 'POLEU'.

What does each unit of Andretti Acquisition Corp. II (POLE) consist of?

Each unit consists of one Class A ordinary share and one-half of one redeemable warrant.

Who are the key leaders of Andretti Acquisition Corp. II (POLE)?

The company is led by William J. Sandbrook as Chairman of the Board, William M. Brown as CEO, and Michael M. Andretti as a Special Advisor and Director.

What is the total value of Andretti Acquisition Corp. II's (POLE) initial public offering?

The initial public offering is valued at $200,000,000, with 20,000,000 units priced at $10.00 per unit.