Aries I Acquisition, a blank check company targeting specialized fields in the tech sector across North America, Europe, and Asia, lowered the proposed deal size for its upcoming IPO on Tuesday. In its latest filing, the company also removed Needham & Co. as an underwriter and added Kingswood Capital Markets.
The Cayman Islands-based company now plans to raise $125 million by offering 12.5 million units at $10, with each unit containing one share of common stock and one-half of a warrant, exercisable at $$11.50. The company had previously filed to offer 17.5 million units at the same price. Certain anchor investors intend to purchase up to an aggregate of 13.8 million units in the offering, which would cover 110% of the deal, up from 5.3 million units as previously indicated. The company may raise an additional $50 million (shares only) at the closing of an acquisition pursuant to a forward purchase agreement with an affiliate of the sponsor. At the revised range, Aries I Acquisition will raise -29% less in proceeds than previously anticipated.
The company is led by Chairman Thane Ritchie, the CEO of Global Investment Capital (TSX: GLIN), and CEO and Director Randy Brinkley, the founder of private investment and aerospace consulting firm Brinkley & Associates, former President of Boeing Satellite Systems, and former NASA Program Manager for the International Space Station. The company plans to target highly specialized fields within the technology sector across North America, Europe, and Asia, including: aerospace, satellites, and space exploration; quantum computing and chemistry; artificial intelligence and machine learning; cybersecurity; and blockchain and digital currencies.
Aries I Acquisition was founded in 2021 and plans to list on the Nasdaq under the symbol RAMMU. Wells Fargo Securities and Kingswood Capital Markets are the joint bookrunners on the deal.
