SPAC GP-Act III Acquisition files for a $250 million IPO

GP-Act III Acquisition, a blank check company backed by GP Investments, Boxcar Partners, and a former Hain Celestial exec, filed on Friday with the SEC to raise up to $250 million in an initial public offering.

The New York, NY-based company plans to raise $200 million by offering 25 million units at $10. Each unit consists of one share of common stock and one half of a warrant, exercisable at $11.50. At the proposed deal size, GP-Act III Acquisition would command a market value of $313 million.

The company is led by CEO and Director Antonio Bonchristiano, who is the CEO of GP Investments. He is joined by Co-Chairman Fersen Lamas Lambranho, who serves as Chairman of GP Investments, and Co-Chairman Steven Spinner, who serves as a Partner at co-sponsor Boxcar Partners, an Operating Partner at Mid Ocean Partners, and Lead Outside Director of ArcBest.

GP-Act III Acquisition previously filed to go public in March 2021. The company filed to raise $250 million, and updated its prospectus numerous times before ultimately withdrawing its IPO plans in November 2022.

The New York, NY-based company was founded in 2020 and plans to list on the Nasdaq under the symbol GPATU. Cantor Fitzgerald is the sole bookrunner on the deal.