ITHAX Acquisition Corp III Successfully Completes IPO
Ithax Acquisition Corp III, a newly formed blank check company, has successfully completed its initial public offering, raising a substantial $230 million through the sale of 23 million units at a price of $10.00 each. This milestone marks a significant achievement for the company as it seeks to expand its operations and pursue future business opportunities.
Unit Details and Trading Information
The IPO included a full exercise of the underwriter's over-allotment option, leading to an impressive total of 23,000,000 units being sold. Featuring on the Nasdaq Global Market under the ticker symbol “ITHAU”, these units offer investors an opportunity to engage with a company focused on fostering innovative business ventures.
Leadership and Strategic Focus
Spearheading the company’s efforts is Orestes Fintiklis, who not only founded Ithaca Capital Partners but also fulfills multiple roles as the CEO, CFO, and Chairman of ITHAX Acquisition Corp III. His leadership is set to steer the company toward its goal of executing significant mergers and acquisitions, with a keen eye on businesses within the asset management, hospitality, travel, lifestyle, and related sectors where next-gen technologies, including AI, are driving growth.
Structure of the Units and Future Listings
Each unit comprises one Class A ordinary share and a redeemable warrant equating to one-half of a full warrant. This structure allows unit holders to purchase additional Class A shares at $11.50 per share when the warrants become executable. Following the unit trading, it is anticipated that the ordinary shares and redeemable warrants will become available for separate trading on Nasdaq under the symbols “ITHA” and “ITHAW”, respectively.
Proceeds and Financial Management
From the IPO proceeds, all $230 million have been strategically allocated into the company’s trust account ensuring the capital is preserved for forthcoming business combinations. The clarity of financial management is highlighted by an audited balance sheet, showcasing the rigorous compliance standards upheld since the IPO’s close.
Contact and Further Information
Investors and interested parties can reach out to Cantor Fitzgerald & Co., the sole book-running manager, for prospectus copies and values within the offering. Additionally, further information regarding the registration, compliance, and future outlook of ITHAX Acquisition Corp III can be accessed via direct inquiry.
Frequently Asked Questions
What is the main purpose of ITHAX Acquisition Corp III?
The company aims to execute mergers, acquisitions, or similar business combinations in various sectors, focusing particularly on next-generation technologies.
How much did ITHAX Acquisition Corp III raise in its IPO?
ITHAX Acquisition Corp III raised $230 million through the sale of 23 million units during its IPO.
What are the ticker symbols associated with ITHAX Acquisition Corp III?
The company’s units are traded under the ticker symbol “ITHAU”, with Class A shares and warrants expected to list as “ITHA” and “ITHAW” respectively.
Who is leading ITHAX Acquisition Corp III?
Orestes Fintiklis serves as the CEO, CFO, and Chairman, guiding the strategic direction of the company.
How are the IPO proceeds managed?
All proceeds from the IPO, totaling $230 million, have been deposited into a trust account to ensure they are allocated for future business combinations.
