SPACSphere Acquisition Corp. completed its initial public offering on February 9, raising $172.5 million through the sale of 17.25 million units priced at $10.00 per unit. The total proceeds reflect the full exercise of the underwriter’s over-allotment option, which added 2.25 million units to the offering.
The units began trading on the Nasdaq Global Market on February 6 under the ticker symbol "SSACU." Each unit is structured to include one Class A ordinary share, one-half of one redeemable warrant, and one right to receive one-fifth of one Class A ordinary share upon the completion of an initial business combination.
Following the split-out of the component securities, the company’s Class A ordinary shares, warrants and rights are listed separately on Nasdaq under the symbols "SSAC," "SSACW," and "SSACR," respectively. D. Boral Capital LLC acted as the sole bookrunner for the offering.
SPACSphere is organized as a blank check company formed to seek a merger, share exchange, asset acquisition or similar business combination. The company has stated it will concentrate its efforts on opportunities within digital assets, technology and healthcare.
Management is led by Bala Padmakumar, who serves as Chief Executive Officer and Chairman, and Soumen Das, who serves as Chief Financial Officer and Director. The board of directors includes Kathleen Cuocolo, Magnus Ryde and Mark Platshon.
The offering’s legal representation included Norton Rose Fulbright US LLP as counsel to the company. Loeb & Loeb LLP represented D. Boral Capital LLC, and Conyers Dill & Pearman LLP served as Cayman counsel.
The transaction was conducted under an effective registration statement on Form S-1 filed with the Securities and Exchange Commission, which was declared effective on January 30.
The completed offering and subsequent separate listings of shares, warrants and rights place SPACSphere among recently formed blank check vehicles that raised capital on U.S. public markets. The company’s stated sector priorities - digital assets, technology and healthcare - are the focus areas it intends to evaluate as it pursues a qualifying business combination.
Details on the company’s next steps, potential targets and timing for a combination were not provided in the offering notice.