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Specialized tech SPAC Aries I Acquisition files for a $175 million IPO

March 3, 2021

Aries I Acquisition, a blank check company targeting specialized fields in the tech sector across North America, Europe, and Asia, filed on Wednesday with the SEC to raise up to $175 million in an initial public offering.

The Cayman Islands-based company plans to raise $175 million by offering 17.5 million units at $10. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50. At the proposed deal size, Aries I Acquisition would command a market value of $219 million.

The company is led by Chairman Thane Ritchie, the CEO of Global Investment Capital (TSX: GLIN), and CEO and Director Randy Brinkley, the founder of private investment and aerospace consulting firm Brinkley & Associates, former President of Boeing Satellite Systems, and former NASA Program Manager for the International Space Station. The company plans to target highly specialized fields within the technology sector across North America, Europe, and Asia, including: aerospace, satellites, and space exploration; quantum computing and chemistry; artificial intelligence and machine learning; cybersecurity; and blockchain and digital currencies.

Aries I Acquisition was founded in 2021 and plans to list on the Nasdaq under the symbol RAMMU. Wells Fargo Securities is the sole bookrunner on the deal.