Aries I Acquisition Corporation Announces Pricing of $125 Million Initial Public Offering

Rhea-AI Summary

Aries I Acquisition Corporation has priced its initial public offering (IPO) of 12,500,000 units at $10.00 each, set to trade on Nasdaq under the ticker symbol RAMMU starting May 19, 2021. Each unit includes one Class A ordinary share and one-half redeemable warrant, with full warrants allowing share purchase at $11.50. The offering is expected to close on May 21, 2021, with underwriters given a 45-day option to buy an additional 1,875,000 units. The Company aims to pursue business combinations primarily in aerospace, quantum computing, and AI.

Positive

• Successful pricing of 12,500,000 units at $10.00 each, indicating strong market interest.
• Listing on Nasdaq under the ticker symbol RAMMU enhances visibility.
• Focus on high-growth industries like aerospace and AI may lead to significant business opportunities.

Negative

• No guarantees that the offering will close or proceeds will be utilized as planned.
• Business combination targets remain unspecified, which may pose a risk for investors.

Aries I Acquisition Corporation (the “Company”) announced today the pricing of its initial public offering of 12,500,000 units at a price of $10.00 per unit. The units will be listed on The Nasdaq Stock Market (the “Nasdaq”) and trade under the ticker symbol “RAMMU” beginning on May 19, 2021. Each unit consists of one Class A ordinary share of the Company and one-half of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one Class A ordinary share of the Company at an exercise 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. The offering is expected to close on May 21, 2021.

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., are acting as joint book-running managers of the offering. The Company has granted the underwriters a 45-day option to purchase up to an additional 1,875,000 units at the initial public offering price to cover over-allotments, if any.

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.

Cautionary Note Concerning 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 offering discussed above will be completed on the terms described, or at all, or 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/20210518006234/en/

FAQ

What is the initial public offering price for Aries I Acquisition Corporation?

The initial public offering price is set at $10.00 per unit.

When will the units start trading on Nasdaq?

The units are expected to begin trading on May 19, 2021.

What industries does Aries I Acquisition Corporation plan to focus on for acquisitions?

The Company intends to focus on aerospace, quantum computing, artificial intelligence, cybersecurity, and blockchain.

What is the ticker symbol for Aries I Acquisition Corporation on Nasdaq?

The ticker symbol is RAMMU.

What is the expected closing date for the offering?

The offering is expected to close on May 21, 2021.