On May 13, 2024, GP-Act III Acquisition Corp. (GP-Act III), a Cayman Islands exempted blank check company, successfully closed its initial public offering (IPO) by issuing 28,750,000 units at $10 each, achieving gross proceeds of $287.5 million. This includes an over-allotment fully exercised by the underwriter, Cantor Fitzgerald & Co., for an additional 3,750,000 units. Each unit issued comprises one Class A ordinary share and a half of one redeemable warrant, with each whole warrant guaranteeing purchase of one Class A ordinary share at $11.50. The units were listed on Nasdaq under the ticker symbol GPATU and began trading on May 9, 2024. Subsequently, separate listings for the shares and warrants under the symbols GPAT and GPATW are anticipated. Alongside the public offering, GP-Act III closed a private placement for 7 million warrants at $1 each, yielding another $7 million in proceeds. Of these private placement warrants, 4.5 million were acquired by the company’s sponsor, GP-Act III Sponsor LLC, and 2.5 million by the underwriter. GP-Act III is the product of a partnership among GP Investments, IDS III LLC, and Boxcar Partners III, LLC, and aspires to implement a business combination with potential enterprises in the U.S. Management consists of Fersen Lamas Lambranho and Steven Spinner as Co-Chairmen, Antonio Bonchristiano as CEO, and Rodrigo Boscolo as CFO, with Andrew Fleiss, Alexandre Ruberti, and Sergio Pedreiro on the Board of Directors. The IPO funds have been deposited into a trust, and an audited balance sheet is to be included in a forthcoming SEC Form 8-K report. Although forward-looking statements anticipate specific usage of the net proceeds, there is no guarantee that these plans will be realized, as disclosed in the SEC-approved registration statement effective since May 8, 2024.

Financial Services, Investment Banking, Private Equity,United States, Cayman Islands

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