10X Capital Venture Acquisition III, the third blank check company formed by 10X Capital targeting a tech-enabled business, filed on Thursday with the SEC to raise up to $350 million in an initial public offering.
The New York, NY-based company plans to raise $350 million by offering 35 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, 10X Capital Venture Acquisition III would command a market value of $461 million.
The company is led by CEO and Chairman Hans Thomas, the founder and CEO of venture firm 10X Capital, and COO and Director David Weisburd, a General Partner and co-head of venture capital at 10X Capital. The company plans to target high growth technology and tech-enabled businesses in the consumer internet, ecommerce, software, healthcare, transportation/mobility, and financial services industries, as well as other industries being disrupted by advances in technology including AI, automation, data science, ecommerce, and SaaS.
The firm's other SPACs include 10X Capital Venture Acquisition II (VCXAU), which filed concurrently with 10X Capital Venture Acquisition III, and 10X Capital Venture Acquisition (VCVC; 3% from $10 offer price), which went public in November 2020 and has a pending merger agreement with EV platform REE Automotive.
10X Capital Venture Acquisition III was founded in 2021 and plans to list on the NYSE under the symbol VCXB.U. Cantor Fitzgerald is the sole bookrunner on the deal.
