Atlas Crest Investment III, the third blank check company formed by Moelis & Company, filed on Tuesday with the SEC to raise up to $600 million in an initial public offering.
The New York, NY-based company plans to raise $600 million by offering 60 million units at $10. Each unit consists of one share of common stock and one-fourth of a warrant, exercisable at $11.50. At the proposed deal size, Atlas Crest Investment III would command a market value of $750 million.
The company is led by Chairman Ken Moelis, the founder and CEO of Moelis & Company, and CEO and Director Michael Spellacy, a former Senior Managing Director at Accenture and Global Industry Leader of Accenture Capital Markets. The company plans to focus on a target in an industry which complements its management team's expertise and would benefit from its strategic and operational value add.
Management's other SPACs include Atlas Crest Investment II (ACII.U; +7% from $10 offer price), which went public last month; Atlas Crest Investment (ACIC; +29%), which went public in October 2020 and has a pending merger agreement with electric aircraft developer Archer; and Atlas Crest Investment IV (ACIV.U) and Atlas Crest Investment V (ACCV.U), which filed concurrently with Atlas Crest Investment III.
Atlas Crest Investment III was founded in 2021 and plans to list on the NYSE under the symbol ACCC.U. Cantor Fitzgerald is the sole bookrunner on the deal.
