Shepherd Ave Capital Acquisition Corporation Announces the Pricing of its $75 Million Initial Public Offering
Shepherd Ave Capital Acquisition (NASDAQ: SPHAU) has announced the pricing of its initial public offering, offering 7,500,000 units at $10.00 per unit, raising aggregate gross proceeds of $75,000,000. Each unit includes one Class A ordinary share and one right, with each whole right convertible to one-fifth of a Class A Ordinary Share upon business combination completion.
Trading will commence on Nasdaq Global Market under the symbol 'SPHAU'. The Class A Ordinary Shares and Rights will later trade separately under 'SPHA' and 'SPHAR'. The company granted underwriters a 45-day option to purchase up to 1,125,000 additional units to cover over-allotments. SPAC Advisory Partners is serving as the sole book running manager.
Shepherd Ave Capital Acquisition (NASDAQ: SPHAU) ha annunciato il prezzo della sua offerta pubblica iniziale, offrendo 7.500.000 unità a 10,00 $ per unità, raccogliendo proventi lordi complessivi di 75.000.000 $. Ogni unità include un'azione ordinaria di Classe A e un diritto, con ogni diritto intero convertibile in un quinto di un'azione ordinaria di Classe A al termine della combinazione aziendale.
Le contrattazioni avranno inizio sul Nasdaq Global Market con il simbolo 'SPHAU'. Le azioni ordinarie di Classe A e i diritti verranno successivamente scambiati separatamente con i simboli 'SPHA' e 'SPHAR'. L'azienda ha concesso ai sottoscrittori un'opzione di 45 giorni per acquistare fino a 1.125.000 unità aggiuntive per coprire eventuali sovrallocazioni. SPAC Advisory Partners funge da unico manager per la gestione dei libri.
Shepherd Ave Capital Acquisition (NASDAQ: SPHAU) ha anunciado el precio de su oferta pública inicial, ofreciendo 7,500,000 unidades a 10.00 $ por unidad, recaudando un total de 75,000,000 $. Cada unidad incluye una acción ordinaria de Clase A y un derecho, con cada derecho entero convertible en un quinto de una acción ordinaria de Clase A al completarse la combinación empresarial.
Las operaciones comenzarán en el Nasdaq Global Market bajo el símbolo 'SPHAU'. Las acciones ordinarias de Clase A y los derechos se negociarán por separado bajo 'SPHA' y 'SPHAR'. La compañía otorgó a los suscriptores una opción de 45 días para comprar hasta 1,125,000 unidades adicionales para cubrir sobreasignaciones. SPAC Advisory Partners actúa como el único gerente de libros.
Shepherd Ave Capital Acquisition (NASDAQ: SPHAU)는its 처음 공개를 위한 가격을 발표했으며, 750만 개의 단위를 개당 10.00 달러에 제공하여 총 7,500만 달러의 총 수익을 올렸습니다. 각 단위에는 하나의 클래스 A 보통주와 하나의 권리가 포함되어 있으며, 각 전체 권리는 사업 조합 완료 시 클래스 A 보통주 5분의 1로 전환 가능합니다.
거래는 'SPHAU'이라는 기호 아래 Nasdaq Global Market에서 시작됩니다. 클래스 A 보통주와 권리는 나중에 'SPHA'와 'SPHAR'로 별도로 거래됩니다. 회사는 언더라이터에게 초과 배정 분을 충당하기 위해 112만 5천 개의 추가 단위를 구매할 수 있는 45일 옵션을 부여했습니다. SPAC Advisory Partners가 단독 북 관리자로 활동하고 있습니다.
Shepherd Ave Capital Acquisition (NASDAQ: SPHAU) a annoncé le prix de son introduction en bourse, proposant 7 500 000 unités à 10,00 $ par unité, levant un produit brut total de 75 000 000 $. Chaque unité comprend une action ordinaire de classe A et un droit, chaque droit entier étant convertible en un cinquième d'une action ordinaire de classe A lors de la réalisation de la combinaison d'entreprises.
Les échanges commenceront sur le Nasdaq Global Market sous le symbole 'SPHAU'. Les actions ordinaires de classe A et les droits seront ensuite échangés séparément sous 'SPHA' et 'SPHAR'. La société a accordé aux souscripteurs une option de 45 jours pour acheter jusqu'à 1 125 000 unités supplémentaires pour couvrir les surallocations. SPAC Advisory Partners agit en tant que gestionnaire principal des livres.
Shepherd Ave Capital Acquisition (NASDAQ: SPHAU) hat den Preis für sein öffentliches Angebot bekannt gegeben und bietet 7.500.000 Einheiten zu je 10,00 $ pro Einheit an, was zu einem Gesamterlös von 75.000.000 $ führt. Jede Einheit umfasst eine Stammaktie der Klasse A und ein Recht, wobei jedes gesamte Recht in ein Fünftel einer Klasse A Stammaktie bei Abschluss der Unternehmenszusammenführung umgewandelt werden kann.
Der Handel beginnt an der Nasdaq Global Market unter dem Symbol 'SPHAU'. Die Stammaktien der Klasse A und die Rechte werden später separat unter 'SPHA' und 'SPHAR' gehandelt. Das Unternehmen hat den Underwritern eine 45-tägige Option eingeräumt, bis zu 1.125.000 zusätzliche Einheiten zu kaufen, um Überzeichnungsoptionen abzudecken. SPAC Advisory Partners fungiert als alleiniger Buchführungsmanager.
- Successfully priced IPO raising $75 million in gross proceeds
- Listing on major exchange (Nasdaq Global Market)
- 45-day over-allotment option for additional 1,125,000 units could increase total proceeds
- Dilutive effect of rights conversion (1/5 share per right)
- No defined business combination target yet as a SPAC
Insights
This SPAC IPO represents a notable development in the current market environment. The
The deal structure includes an over-allotment option for an additional
The involvement of Kingswood Capital Partners' SPAC Advisory Partners as the sole book-runner suggests a more focused distribution approach compared to larger SPAC offerings that typically involve multiple underwriters. The timing of this IPO amid current market conditions demonstrates continued appetite for SPAC vehicles despite the overall cooling in the SPAC market.
Wilmington, DE, Dec. 04, 2024 (GLOBE NEWSWIRE) -- Shepherd Ave Capital Acquisition Corporation (NASDAQ: SPHAU) (“SPHA” or the “Company”) announced today the pricing of its initial public offering of 7,500,000 units at a price of
The units will be listed on the Nasdaq Global Market LLC (“Nasdaq”) and begin trading tomorrow under the ticker symbol “SPHAU.” Each unit consists of one of the Company’s Class A ordinary shares (the “Class A Ordinary Shares”) and one right (the “Rights”), with each whole right entitling the holder thereof to receive one-fifth (1/5) of one Class A Ordinary Share upon the consummation of an initial business combination. No fractional rights will be issued upon separation of the units and only whole rights will trade. Once the securities comprising the units begin separate trading, the Class A Ordinary Shares and Rights are expected to be listed on the Nasdaq under the symbols “SPHA” and “SPHAR,” respectively. The offering is expected to close Friday, December 6, 2024, subject to customary closing conditions. SPHA has granted the underwriters a 45-day option to purchase up to an additional 1,125,000 units, at the initial public offering price to cover over-allotments, if any.
SPAC Advisory Partners LLC (“SAP”), a division of Kingswood Capital Partners, LLC, is acting as the sole book running manager for the initial public offering.
A registration statement related to these securities has been filed on Form S-1 with the Securities and Exchange Commission and became effective on December 2, 2024 (File No. 333-280986). The offering is being made only by means of a prospectus. Copies of the prospectus may be obtained, when available, by contacting Kingswood Capital Partners, LLC, 126 East 56th Street, Suite 22S, New York, NY 10022, or by calling 212-487-1080 or emailing Syndicate@kingswoodUS.com. 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.
About Shepherd Ave Capital Acquisition Corporation
SPHA is a newly incorporated, blank check company formed in the Cayman Islands for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or similar business combination with one or more businesses or entities. While the Company may pursue an initial business combination target in any business or industry, it intends to identify companies with strong management team, niche deal size with growth potential, long-term revenue visibility with defensible market position, and benefits from being a U.S. public company. The sponsor of the Company is Aitefund Sponsor LLC.
Forward-Looking Statements
This press release includes forward-looking statements. Forward-looking statements are statements that are not historical facts. Such forward-looking statements, including the successful consummation of the Company’s initial public offering, are subject to risks and uncertainties, 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 preliminary prospectus for the offering filed with the SEC, any of which could cause actual results to differ from such forward-looking statements. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based, except as required by law.
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Company contact:
William W. Snyder, CEO
221 W 9th St, #859
Wilmington, DE 19801
bill@shepherdavecapital.com
FAQ
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