Jun. 30 at 1:08 AM
Ares Acquisition Corporation III, a special purpose acquisition company (SPAC), priced its initial public offering of 34.5 million units at
$10 per unit, raising
$345 million.
The units are expected to begin trading on the New York Stock Exchange on June 30 under the symbol AAC.U. Each unit consists of one Class A common share and one-tenth of a redeemable warrant, with each full warrant exercisable at
$11.50 per share. Once the securities trade separately, the Class A shares and warrants are expected to trade as AAC and AAC WS, respectively.
The underwriters have a 45-day option to purchase up to 5.175 million additional units, which could increase the total offering size to about
$397 million if fully exercised. J.P. Morgan and Jefferies are serving as joint book-running managers, and the deal is expected to close on July 1, subject to customary conditions.
The SPAC said it will not be restricted to any specific industry or geographic region when searching for a merger target.
$JPM $JEF