X3 Acquisition, a blank check company led by X Cubed Capital Management executives targeting financial services, raised $200 million by offering 20 million shares at $10. Each unit contains one share of common stock and one-half of one warrant, exercisable at $11.50.
The company is led by CEO and Chairman Andrew Redleaf, who is the founder of X Cubed Capital Management, and currently serves as its Head of Portfolio Allocation and Strategy, and CFO and COO Kenneth Weiller, who currently serves as COO of X Cubed Capital Management.
The SPAC plans to target traditional financial institutions, community and regional banks, asset and wealth management firms, specialty finance companies, and other businesses providing critical financial products and services.
X3 Acquisition plans to list on the Nasdaq under the symbol XCBEU. Stifel acted as sole bookrunner on the deal.
