BOA Acquisition Corp. II, a special purpose acquisition company, closed its initial public offering of 14,375,000 units at $10.00 each, raising total proceeds of $143.75 million, the company said in a press release.
The offering included 1,875,000 units issued as a result of the underwriter exercising its full over-allotment option. Trading of the units on the Nasdaq Global Market commenced under the ticker symbol "THEOU" on Aug. 4, 2026.
Each unit issued in the offering consists of one Class A ordinary share and one right to receive an additional Class A ordinary share upon completion of an initial business combination. The company said it expects that, when the units are later separated, the Class A ordinary shares and the rights will trade on Nasdaq under the symbols "THEO" and "THEOR," respectively.
According to the filing, BOA Acquisition Corp. II intends to concentrate its search for a business combination on direct investments in real estate and infrastructure assets. The company highlighted specific interest in the energy, telecommunications and transportation sectors but noted it may pursue a combination in any business, industry, sector or geographic location.
D. Boral Capital LLC served as the sole book-running manager for the offering. The company also noted that the U.S. Securities and Exchange Commission declared the registration statement effective on Aug. 3, 2026.
Context and implications
The structure of the units - pairing a Class A ordinary share with a contingent right to an extra share upon closing of an initial business combination - reflects the SPAC vehicle's reliance on completing a qualifying transaction to deliver the full equity consideration described in the offering. Market participants will be able to trade the combined units now and, at the company's expected time of separation, trade the individual Class A shares and rights under their respective Nasdaq symbols.
BOA Acquisition Corp. II has signaled a strategic focus on real estate and infrastructure investments, naming energy, telecommunications and transportation as particular areas of interest. Nevertheless, the company preserved broad flexibility to pursue deals outside those sectors or outside the stated geographies.
Additional details
- Gross proceeds from the IPO: $143.75 million.
- Total units sold: 14,375,000, including 1,875,000 units from the underwriters' over-allotment option.
- Initial trading ticker for units on Nasdaq Global Market: THEOU (began Aug. 4, 2026).
- Expected separate tickers after unit separation: THEO (Class A ordinary shares) and THEOR (rights).
- Sole book-running manager: D. Boral Capital LLC.
- SEC effectiveness date for the registration statement: Aug. 3, 2026.