New Iceland Arctic Acquisition, a blank check company targeting high-growth businesses in Iceland and the broader Arctic region, filed on Friday with the SEC to raise up to $125 million in an initial public offering.
The company plans to raise $125 million by offering 12.5 million units at $10. Each unit consists of one share of common stock, one-half of one warrant to purchase a share that is exercisable at $11.50, and one right to receive one-fifth of a share at the time of the business combination.
New Iceland Arctic Acquisition is led by CEO Halldor Thorsteinsson, a Managing Director of Iceland-focused investment firm New Iceland Advisors and a partner at Icelandic law firm AM Praxis, and CFO and Chairman Heath Cardie, the founder of New Iceland Advisors and the President and Co-Founder of private equity firm Carner Services. Both men are co-founders and co-owners of GlacierShares ehf., the sponsor of the GlacierShares Nasdaq Iceland ETF (Nasdaq: GLCR), which launched on Nasdaq in 2025. They are joined by CIO Lu Zhou, founder and CEO of Vanquour Wealth Management.
The Golden, CO-based company was founded in 2026. It plans to list on the Nasdaq under the symbol NIAAU. Chardan Capital Markets is the sole bookrunner on the deal.
