Ascendant Digital Acquisition III, a blank check company targeting digital media and entertainment, raised $261 million by offering 26.1 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. Certain anchor investors had indicated on $146 million worth of units in the offering (56% of the deal), and the company may raise an additional $90 million at the closing of an acquisition pursuant to a forward purchase agreement with Nexon.
The company is led by CEO and Director Mark Gerhard, the co-founder, CEO, and CTO of AI tech and gaming studio Disruptional (fka PlayFusion); COO and Director Riaan Hodgson, the CFO and COO of Beauty Labs International; and President and Director David Gomberg, the co-founder and Chief Innovation Officer of Disruptional. The company plans to target the "Attention Economy," which it defines as the various converging sectors within interactive entertainment, film and television, music, print and digital books, e-sports, live events, and other forms of consumer entertainment and enabling services and technologies.
Ascendant Digital Acquisition III plans to list on the NYSE under the symbol ACDI.U. Goldman Sachs acted as sole bookrunner on the deal.
