INSU Acquisition Corp. III, a blank cheque company sponsored by fixed income financial services specialist Cohen & Company, has completed its initial public offering (IPO), raising $250 million in the process.
INSU Acquisition Corp. III was formed for the purpose of acquiring or merging with one or more businesses or entities in the insurance industry.
INSU Acquisition Corp. II completed its IPO in September, raising raising $230 million.
This latest IPO consisted of 25,000,000 units at a price of $10 per unit, which includes 3,200,000 units issued pursuant to the exercise of the underwriters’ over-allotment option.
Units began trading on the Nasdaq Capital Market under the symbol “IIIIU” on December 18. Each unit issued in the offering consists of one share of the company’s Class A common stock and one-third of one warrant, each whole warrant exercisable for one share of Class A common stock at an exercise price of $11.50 per share.
Once the securities comprising the units begin separate trading, the Class A common stock and warrants are expected to be listed on Nasdaq under the symbols “IIII” and “IIIIW,” respectively.
No fractional warrants will be issued upon separation of the units and only whole warrants will trade.
Cantor Fitzgerald & Co. and Wells Fargo Securities served as joint book-running managers for the offering.