- Industrial Tech Acquisitions II, Inc. Unit (ITAQU) has announced its initial public offer pricing at US$10.00 per unit.
- The public offering included 15,000,000 units, each consisting of one share of Class A common stock and one half of one redeemable warrant.
- Wells Fargo Securities, LLC is the sole book-running manager for the IPO.
Industrial Tech Acquisitions II, Inc. announced its initial public offer pricing January 11 for 15,000,000 units available for the public at US$10.00 per unit. The units will be listed on the NASDAQ Global Market under the ticker symbol ‘ITAQU’ and are expected to start trading from January 12. At this rate the IPO would value US$150 million.
Each unit of the IPO consists of one share of Class A common stock and half of one redeemable warrant. The holder of each whole warrant is entitled to gain one share of Class A common stock at the exercise price of US$11.50 per share.
There are 2.25 million additional units for the underwriters to purchase on option at the initial public offering price in case of overallotment.
Industrial Tech Acquisitions II, Inc. is a special purpose acquisition company (SPAC) sometimes also referred to as a blank check company. It had filed for the registration statement via a Form S-1 in March 2021 with the SEC that was declared effective January 11, 2022.
The sole book-running manager for the IPO is Wells Fargo Securities, LLC, and Maxim Group LLC is the co-manager. The shares of the Class A common stock will start trading under the ticker symbol ‘ITAQ’ and warrants under the ticker symbol ‘ITAQW’ once the units begin separate trading.
Also Read: Seven hottest IPOs to explore in 2022
About Industrial Tech Acquisitions II, Inc.
Industrial Tech Acquisitions II, Inc. was formed with the purpose to affect a merger, acquisition, reorganization, share exchange or similar business combination with one or more entities. The company is focused on searching for its target companies in the technology domain, including software, Internet of Things (IoT) and mobile applications, cloud and cyber communication, LTE, 5G communication, remote sensing, digital and energy transformation etc.
The year 2021 saw a significant increase in SPAC listings. There were around 600 SPAC listings in 2021, raising roughly US$145 billion. Even with stricter regulation for SPACs, the craze has not gone down.
SPACs get listed first on the exchange, and then they bring into effect business combinations. For companies, it is an easier route to get listed. That said, an investor should exercise due diligence before going for an IPO or stock investment.