Stellar Acquisition III, a greek blank check company formed to acquire an international energy logistics company, lowered the proposed deal size for its upcoming IPO on Monday.
The Athens, Greece-based company now plans to raise $65 million by offering 6.5 million shares at a price of $10. The company had previously filed to offer 8 million shares at the same price. At $10, Stellar Acquisition III will raise -19% less in proceeds than previously anticipated.
Stellar Acquisition III was founded in 2015 and plans to list on the Nasdaq under the symbol STLRU. Maxim Group LLC is the sole bookrunner on the deal. It is expected to price during the week of August 15, 2016.
