Metals Acquisition Corp. II finalized its initial public offering by issuing 23 million units at $10 apiece, raising $230 million in gross proceeds. The public offering included the full exercise of the underwriters' over-allotment option, which accounted for 3 million of the units sold.
Each public unit comprises one Class A ordinary share and one-third of a redeemable warrant. When combined into whole warrants, holders will be able to acquire one Class A ordinary share at an exercise price of $11.50 per share. The newly issued units began trading on the New York Stock Exchange under the symbol MTAL.U on March 12, 2026.
Concurrently, the company closed a private placement of 5,066,666 warrants at $1.50 per warrant, generating approximately $7.6 million in gross proceeds. MAC Partners LLC, the company’s sponsor, purchased 3,533,333 of those private placement warrants. Additional participants in the private placement included Sternship Advisers Pty Ltd., Cohen & Company Capital Markets, and Jett Capital Advisors.
Proceeds from the combined offerings were placed in trust, with the company designating $230 million to that account. That trust amount corresponds to the $10 per unit price from the public offering.
Metals Acquisition Corp. II operates as a blank check company formed to identify and complete mergers, acquisitions, or similar business combinations. The company has stated it will focus on targets within the natural resources value chain, placing emphasis on metals and mining businesses located in stable jurisdictions.
In the offering, Cohen & Company Capital Markets acted as lead book-running manager, while Jett Capital Advisors served as co-manager. Sternship Advisers was engaged as capital markets advisor.
The Securities and Exchange Commission declared the registration statement effective on March 11, 2026. After separate trading begins, the company’s Class A ordinary shares and warrants will trade under the tickers MTAL and MTAL WS, respectively.