Illumination Acquisition Corp I closed its initial public offering after selling 23 million units at $10 per unit, generating gross proceeds of $230 million. The offering incorporated the full exercise of the underwriter’s over-allotment option, which added 3 million units to the deal.
The newly issued units began trading on the NASDAQ Global Market on February 27 under the symbol "ILLUU." Each unit is composed of one Class A ordinary share and one-third of one redeemable warrant. Holders of whole warrants will be able to acquire Class A ordinary shares at an exercise price of $11.50 per share.
In parallel with the public offering, the company completed a private placement of 625,000 units at the same $10 per unit, bringing in an extra $6.25 million. Illumination Acquisition 1 Sponsor LLC purchased 395,000 of those private placement units, while BTIG, LLC acquired the remaining 230,000 units.
The $230 million raised in the public offering has been deposited in a trust account. BTIG, LLC acted as the sole book-running manager for the transaction.
Organized in the Cayman Islands, Illumination Acquisition Corp I was formed to identify and complete one or more business combinations. The company said it intends to focus on growth-stage opportunities in areas aligned with its management team’s expertise, listing sectors such as nuclear, artificial intelligence, high performance computing, technology, industrial growth and financial services.
The Securities and Exchange Commission declared the company’s registration statement effective on February 26. The company indicated that when the securities comprising the units begin to trade separately, the Class A ordinary shares and warrants are expected to list under the symbols "ILLU" and "ILLUW," respectively.
Placement and offering specifics
- Public offering: 23 million units at $10 each - $230 million gross proceeds
- Over-allotment: Full exercise of 3 million unit option
- Private placement: 625,000 units at $10 each - $6.25 million
- Primary book-runner: BTIG, LLC
This transaction leaves the company positioned as a cash-backed acquisition vehicle with funds held in trust while it evaluates potential merger candidates in the sectors it identified.