Aries I Acquisition, a blank check company targeting specialized fields in the tech sector across North America, Europe, and Asia, raised $125 million by offering 12.5 million units at $10. Each unit consists of 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 before revising the terms earlier this month.
Certain anchor investors had indicated on up to 13.8 million units in the offering, which would cover 110% of the deal. 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.
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 plans to list on the Nasdaq under the symbol RAMMU. Wells Fargo Securities and Kingswood Capital Markets acted as lead managers on the deal.
