On Monday, Cohen Circle Acquisition Corp. I, a blank check company, announced the successful completion of its initial public offering (IPO), raising $230 million. The company, trading under the ticker NASDAQ:CCIRU, sold 23 million units at $10 each, including a full exercise of the underwriters' over-allotment option for an additional 3 million units.
Each unit comprises one Class A ordinary share and one-third of one redeemable warrant. Holders of whole warrants can purchase one Class A ordinary share at $11.50 per share, subject to terms outlined in the company's September 20, 2024 registration statement.
Simultaneously with the IPO, Cohen Circle Acquisition Corp. I conducted a private placement sale of 715,000 units at the same $10 per unit price, resulting in $7.15 million in additional proceeds. The private placement saw participation from the IPO's sole book-running manager, Cantor Fitzgerald & Co., and one of the company's sponsors, Cohen Circle Sponsor I, LLC.
The company placed a total of $231.15 million from the IPO and private placement into a trust account for the benefit of its public shareholders, with Continental Stock Transfer & Trust Company serving as trustee.
InvestingPro Insights
Following Cohen Circle Acquisition Corp. I's successful IPO, InvestingPro data provides additional context for investors. The company's market capitalization stands at $276 million, slightly above the $230 million raised in the IPO. This suggests a modest premium on the initial offering price.
InvestingPro Tips indicate that the stock generally trades with low price volatility, which could be attractive for risk-averse investors in the volatile SPAC market. However, it's important to note that the company is not profitable over the last twelve months, which is typical for newly formed SPACs seeking acquisition targets.
The stock is currently trading near its 52-week high at $10 per share, maintaining the initial offering price. This stability aligns with the low volatility characteristic mentioned earlier. For those considering an investment, it's worth noting that InvestingPro offers 7 additional tips for Cohen Circle Acquisition Corp. I, providing a more comprehensive analysis for potential investors.
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