SPAC Archimedes Tech SPAC Partners prices upsized $120 million IPO

Archimedes Tech SPAC Partners, a blank check company targeting AI, cloud services, and auto-tech, raised $120 million by offering 12 million units at $10. The company offered 2 million more units than anticipated. Each unit consists of one subunit and one-fourth of a warrant, exercisable at $11.50. Each subunit consists of one share of common stock and one-fourth of a warrant, exercisable at $11.50.

The company is led by Chairman Eric Ball, who currently serves as General Partner of Impact Venture Capital, and CEO Stephen Cannon, who currently serves as COO of Global SPAC Partners (GLSPU), which filed in October to raise $200 million, and Ackrell SPAC Partners I (ACKIU; +3% from $10 offer price), which raised $100 million in December. Archimedes Tech SPAC Partners plans to target the artificial intelligence, cloud services, and automotive technology sectors.

Archimedes Tech SPAC Partners plans to list on the Nasdaq under the symbol ATSPU. EarlyBirdCapital acted as a lead manager on the deal.