Archimedes Tech SPAC Partners, a blank check company targeting AI, cloud services, and auto-tech, filed on Friday with the SEC to raise up to $100 million in an initial public offering.
The Claymont, DE-based company plans to raise $100 million by offering 10 million units at $10. Each unit consists of one subunit and one-third of a warrant, exercisable at $11.50. Each subunit consists of one share of common stock and one-fourth of a warrant, exercisable at $11.50. At the proposed deal size, Archimedes Tech SPAC Partners would command a market value of $132 million.
The company is led by Chairman Eric Ball, who currently serves as General Partner of Impact Venture Capital, and CEO Stephen Cannon, who currently serves as COO of Global SPAC Partners (GLSPU) and Ackrell SPAC Partners I (ACKIU; +7% from $10 offer price). The company plans to target the artificial intelligence, cloud services, and automotive technology sectors.
Archimedes Tech SPAC Partners was founded in 2020 and plans to list on the Nasdaq under the symbol ATSPU. The company filed confidentially on January 15, 2021. EarlyBirdCapital is the sole bookrunner on the deal.
