Metals Acquisition Corp. II disclosed on March 11 that it has priced an initial public offering totaling $200 million. The offering consists of 20 million units, each sold at $10.00. The units are expected to begin trading on the New York Stock Exchange on March 12 under the symbol "MTAL.U."
Each unit is made up of one Class A ordinary share and one-third of a redeemable warrant. When combined into a whole warrant, holders will be able to exercise the warrant to acquire one Class A ordinary share at an exercise price of $11.50 per share. Following the separation of the units, the Class A ordinary shares and the warrants are expected to trade independently on the New York Stock Exchange under the tickers "MTAL" and "MTAL WS," respectively.
The company stated the offering is expected to close on March 13, subject to customary closing conditions. Cohen & Company Capital Markets is serving as the lead book-running manager for the offering, and Jett Capital Advisors is listed as co-manager. In connection with the underwriting, Metals Acquisition Corp. II granted the underwriters a 45-day option to purchase up to 3 million additional units to cover potential over-allotments.
Metals Acquisition Corp. II is organized as a blank check company formed for the purpose of effecting a business combination with one or more businesses. The company said it intends to pursue targets across the natural resources value chain, with a specific focus on metals and mining businesses located in jurisdictions it regards as stable.
According to the company statement, a registration statement relating to the securities was declared effective by the Securities and Exchange Commission on March 11. The offering's timing, the separate listing of shares and warrants, the underwriters' over-allotment option, and the stated strategic focus are among the items the company disclosed in its announcement.
Summary
Metals Acquisition Corp. II has priced a $200 million IPO comprised of 20 million units at $10.00 each. Units are expected to begin trading March 12 on the NYSE as MTAL.U. Each unit contains one Class A share and one-third of a warrant, with whole warrants exercisable at $11.50. The offering is expected to close March 13, and the company has provided underwriters a 45-day option to purchase up to 3 million additional units.
Details
- Offering size: 20 million units priced at $10.00 each, totaling $200 million.
- Trading commencement: Units expected to trade March 12 on NYSE under "MTAL.U."
- Security composition: One Class A ordinary share plus one-third of one redeemable warrant per unit; whole warrants exercise price $11.50.
- Separate listings planned: Class A shares and warrants expected to trade as "MTAL" and "MTAL WS."
- Underwriting: Cohen & Company Capital Markets lead book-running manager; Jett Capital Advisors co-manager; 45-day option for up to 3 million additional units for over-allotments.
- Company purpose: Blank check company targeting natural resources, with emphasis on metals and mining in stable jurisdictions.
- Regulatory status: Registration statement declared effective by the SEC on March 11, per the company statement.