GSR III Acquisition, a blank check company led by SPAC veterans targeting "high potential" businesses in the US, raised $200 million by offering 20 million units at $10. Each unit consists of one share of common stock and one right to receive one-seventh of a share upon the completion of an initial business combination.
GSR III Acquisition is led by Co-CEO and Director Gus Garcia, the former Head of SPAC M&A for Bank of America, and Co-CEO and Director Lewis Silberman, the former Head of SPAC Equity Capital Markets for Oppenheimer & Co. They are joined by CFO, President, and Director Anantha Ramamurti, a former Managing Director and Head of Global Mobility Group at Bank of America Securities.
The SPAC plans to target "high potential" businesses based in the US, focusing on those with financial stability and visibility, leading industry and market position, and resilient barriers to entry, among other characteristics.
Management has been involved with various other SPACs. Most recently, they led GSR II Meteora Acquisition until it completed its combination with crypto ATM operator Bitcoin Depot (BTM; -83% from $10 offer price) in June 2023.
GSR III Acquisition plans to list on the Nasdaq under the symbol GSRTU. SPAC Advisory Partners acted as sole bookrunner on the deal.
