Aries I Acquisition Corporation Announces Closing of $143.75 Million Initial Public Offering

Rhea-AI Summary

Aries I Acquisition Corporation has successfully completed its IPO, offering 14,375,000 units at $10.00 each, including 1,875,000 units from the underwriters' over-allotment. The units will trade on Nasdaq under the symbol 'RAMMU.' Each unit consists of one Class A ordinary share and a half warrant, with warrants exercisable at $11.50 per share. The company is focused on mergers, particularly in aerospace, AI, cybersecurity, and blockchain. Wells Fargo Securities and Kingswood Capital Markets served as joint book-running managers for this offering.

Positive

• Raised $143.75 million from the IPO, enhancing capital for future acquisitions.
• Strategic focus on high-growth sectors such as aerospace, AI, and blockchain.

Negative

• No guarantee on the successful use of IPO proceeds for intended business combinations.
• Dependence on market conditions for future acquisitions and business combinations.

Aries I Acquisition Corporation (the “Company”) today announced that it has closed its initial public offering of 14,375,000 units, including 1,875,000 units issued pursuant to the full exercise of the underwriters’ over-allotment option, at a price of $10.00 per unit. The units are listed on The Nasdaq Stock Market LLC (“Nasdaq”) and began trading under the ticker symbol “RAMMU” on May 19, 2021. Each unit consists of one Class A ordinary share and one-half of one redeemable warrant, with each whole warrant exercisable to purchase one Class A ordinary share of the Company at a price of $11.50 per share. After the securities comprising the units begin separate trading, the Class A ordinary shares and warrants are expected to be listed on Nasdaq under the symbols “RAM” and “RAMMW,” respectively.

Aries I Acquisition Corporation was founded by its Chairman, Thane Ritchie. The Company is a blank check company whose business purpose is to effect 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 initial business combination target in any industry or geographic region, the Company intends to focus its initial business combination search on the following industry segments: aerospace, satellites, and space exploration; quantum computing and chemistry; artificial intelligence and machine learning; cybersecurity; and blockchain and digital currencies.

Wells Fargo Securities and Kingswood Capital Markets, division of Benchmark Investments, Inc., acted as joint book-running managers of the offering.

A registration statement relating to these securities was declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on May 18, 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 offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

The offering is being made only by means of a prospectus. When available, copies of the prospectus relating to this offering may be obtained from Wells Fargo Securities, LLC, Attention: Equity Syndicate Department, 500 West 33rd Street, New York, New York, 10001, by telephone at (800) 326-5897 or by email at cmclientsupport@wellsfargo.com; or from Kingswood Capital Markets, division of Benchmark Investments, Inc., Attention: Syndicate Department, 17 Battery Place, Suite 625, New York, New York 10004, by telephone at (212) 404-7002, by fax at (646) 861-4697 or by email at syndicate@kingswoodcm.com.

Forward Looking Statements

This press release contains statements that constitute “forward-looking statements,” including with respect to the initial public offering and search for an initial business combination. No assurance can be given that the 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, which is 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210521005499/en/

FAQ

What is the significance of Aries I Acquisition Corporation's recent IPO?

The IPO raised $143.75 million, providing Aries I Acquisition Corporation with capital to pursue mergers and acquisitions in key sectors.

What does the ticker symbol 'RAMMU' represent?

'RAMMU' represents the units of Aries I Acquisition Corporation that began trading on Nasdaq after their IPO.

Who were the underwriters for this IPO?

Wells Fargo Securities and Kingswood Capital Markets acted as joint book-running managers for the IPO.

What industries is Aries I Acquisition Corporation targeting for business combinations?

The company is focusing on sectors such as aerospace, artificial intelligence, cybersecurity, and blockchain.