Archimedes Tech SPAC Partners III, a blank check company targeting AI, cloud services, and automotive tech, raised $240 million by offering 24 million units at $10. The company had originally planned to raise $200 million by offering 20 million units. Each unit consists of one share of common stock and one-quarter of one warrant, exercisable at $11.50.
Archimedes Tech SPAC Partners III is led by Chairman Eric Ball, a Founding General Partner at Impact Venture Capital. He is joined by CEO and Director Long Long, who spent a decade at IBM, most recently serving as Finance Controller for IBM China's Consulting Business Unit and Sales Channels.
Management's previous SPACs include Archimedes Tech SPAC Partners II (ATIIU; +5% from $10 offer price), which raised $200 million in March, and Archimedes Tech SPAC Partners, which completed its business combination with voice AI company SoundHound AI (SOUN; +9%) in 2022.
Archimedes Tech SPAC Partners III plans to list on the Nasdaq under the symbol ARCIU. BTIG acted as sole bookrunner on the deal.
