Archimedes Tech SPAC Partners II, a blank check company targeting AI, cloud services, and automotive tech, raised $200 million by offering 20 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50.
Archimedes II is led by Chairman Eric Ball, a Founding General Partner of applied AI-focused Impact Venture Capital, and CEO and Director Long Long, who spent a decade at IBM, most recently serving as Finance Controller for IBM China's Consulting Business Unit and Sales Channels. The SPAC plans to target the tech sector, focusing on AI, cloud services, and automotive technology.
Management's previous SPAC, Archimedes Tech SPAC Partners, completed its business combination with voice AI company SoundHound AI (SOUN; +53% from $10 offer price) in April 2022.
Archimedes Tech SPAC Partners II plans to list on the Nasdaq under the symbol ATIIU. BTIG acted as sole bookrunner on the deal.
