PHILADELPHIA, PA — Art Technology Acquisition Corp. (NASDAQ: ARTCU) priced its initial public offering of 22,000,000 units at $10.00 each, raising $220 million as the blank-check company prepares to pursue acquisitions across technology, art, financial services, and investment banking sectors.
The units are scheduled to begin trading on the Nasdaq Global Market on Tuesday under the symbol ARTCU. Each unit consists of one Class A ordinary share and one-fourth of one redeemable warrant, with each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50 per share.
Once the units begin trading separately, the Class A ordinary shares and warrants are expected to list on Nasdaq under the symbols ARTC and ARTCW, respectively. The company said no fractional warrants will be issued upon separation, and only whole warrants will be eligible for trading.
The offering is expected to close on or about Wednesday, January 7, subject to customary closing conditions. Clear Street is serving as the sole book-running manager and has been granted a 45-day option to purchase up to an additional 3,300,000 units to cover over-allotments.
Art Technology Acquisition Corp. was formed as a special purpose acquisition company, or SPAC, to pursue a merger, share exchange, asset acquisition, or similar business combination with one or more operating businesses. While the company said it may evaluate opportunities across industries and stages of development, its stated focus is on targets operating at the intersection of technology, art, financial services, and investment banking.
The company is led by Chairman and Chief Executive Officer Daniel G. Cohen and Vice Chairman Katherine Fleming. Management said the leadership team brings experience intended to support sourcing, evaluating, and executing a business combination following the IPO.
The registration statement covering the units and underlying securities was declared effective by the U.S. Securities and Exchange Commission on Monday. The company emphasized that the offering is being made only by means of a prospectus and does not constitute an offer to sell or a solicitation of an offer to buy securities in any jurisdiction where such activity would be unlawful prior to registration or qualification under applicable securities laws.
Proceeds from the IPO will be placed into a trust account, consistent with standard SPAC structures, and used to fund a future business combination or returned to shareholders if no transaction is completed within the required timeframe.
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