SPAC X3 Acquisition prices $200 million IPO, targeting financial services
IPO Overview
X3 Acquisition, a blank check company led by X Cubed Capital Management executives targeting financial services, raised $200 million by offering 20 million shares at $10. Each unit contains one share of common stock and one-half of one warrant, exercisable at $11.50.
The company is led by CEO and Chairman Andrew Redleaf, who is the founder of X Cubed Capital Management, and currently serves as its Head of Portfolio Allocation and Strategy, and CFO and COO Kenneth Weiller, who currently serves as COO of X Cubed Capital Management.
The SPAC plans to target traditional financial institutions, community and regional banks, asset and wealth management firms, specialty finance companies, and other businesses providing critical financial products and services.
X3 Acquisition plans to list on the Nasdaq under the symbol XCBEU. Stifel acted as sole bookrunner on the deal.
About the Company
We are a newly organized blank check company incorporated as an exempt company under the laws of the Cayman Islands for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses, which we refer to throughout this prospectus as our initial business combination. To date, our efforts have been limited to organizational activities as well as activities related to this offering. We have not selected any specific business combination target and we have not, nor has anyone on our behalf, engaged in any substantive discussions, directly or indirectly, with any business combination target. While we may pursue an acquisition in any industry or sector, we intend to focus our efforts on identifying businesses within the financial services industry. This includes a broad range of opportunities, such as traditional financial institutions, community and regional banks, asset and wealth management firms, specialty finance companies, and other businesses providing critical financial products and services. We may also consider companies that are leveraging technology to enhance or transform financial services. However, we remain flexible and open to evaluating opportunities outside of these areas if we believe they present compelling value for our shareholders.