Texas Ventures Acquisition III, a blank check company backed by Texas Ventures targeting industrial 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.
Texas Ventures Acquisition III is led by CEO and Chairman Scott Crist and CFO and Director Greg Smith, who currently serve as a Partner and CFO of tech venture firm Texas Ventures, respectively. The SPAC plans to target industrial technology, focusing on businesses implementing advanced technologies and high bandwidth services into the industrial sector.
Management's previous SPACs include Industrial Tech Acquisitions II (ITAQ), which liquidated in 2023, and Industrial Tech Acquisitions, which completed its combination with imaging radar developer Arbe Robotics (Nasdaq: ARBE; -89% from $10 offer price) in late 2021.
Texas Ventures Acquisition III plans to list on the Nasdaq under the symbol TVACU. Cohen & Company Securities and Clear Street acted as joint bookrunners on the deal.