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Shepherd Ave Capital Acquisition (NASDAQ: SPHAU) has successfully completed its initial public offering (IPO), raising $86,250,000 in gross proceeds through the sale of 8,625,000 units at $10.00 per unit. The offering included the full exercise of the underwriter's over-allotment option.
Each unit comprises one Class A ordinary share and one right, with each whole right convertible into one-fifth of a Class A ordinary share upon completing an initial business combination. The units trade on Nasdaq under 'SPHAU', with Class A shares and rights to later trade separately as 'SPHA' and 'SPHAR' respectively.
SPAC Advisory Partners , a division of Kingswood Capital Partners, , served as the sole book-running manager for the IPO.
Shepherd Ave Capital Acquisition (NASDAQ: SPHAU) has announced the pricing of its initial public offering, offering 7,500,000 units at $10.00 per unit, raising aggregate gross proceeds of $75,000,000. Each unit includes one Class A ordinary share and one right, with each whole right convertible to one-fifth of a Class A Ordinary Share upon business combination completion.
Trading will commence on Nasdaq Global Market under the symbol 'SPHAU'. The Class A Ordinary Shares and Rights will later trade separately under 'SPHA' and 'SPHAR'. The company granted underwriters a 45-day option to purchase up to 1,125,000 additional units to cover over-allotments. SPAC Advisory Partners is serving as the sole book running manager.
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