SPAC Artemis Strategic Investment Corp. raises deal size by 17% ahead of $175 million IPO

Artemis Strategic Investment Corp., a blank check company focused on the gaming, hospitality, and entertainment industries, raised the proposed deal size for its upcoming IPO on Friday.

The Phoenix, AZ-based company now plans to raise $175 million by offering 17.5 million units at $10. The company had previously filed to offer 15 million units at the same price. Each unit now consists of one share of common stock and one-half of a warrant, exercisable at $11.50. Each unit previously contained one-third of a warrant. Two unaffiliated qualified institutional buyers intend to purchase up to 2.8 million units in the offering. At the revised deal size, Artemis Strategic Investment Corp. will raise 17% more in proceeds than previously anticipated.

The company is led by Co-CEO and Chairperson Holly Gagnon, who previously served as the CEO of Seneca Gaming, which manages the gaming operations of the Seneca Nation of Indians, and Co-CEO Philip Kaplan, who currently serves as the CEO of GameWorks (GMWX) and Managing Partner of April Mountain Properties. The company plans to target businesses that provide transformational technology to experiential entertainment within the gaming, hospitality, and entertainment industries.

Artemis Strategic Investment Corp. was founded in 2021 and plans to list on the Nasdaq under the symbol ARTEU. Barclays and BMO Capital Markets are the joint bookrunners on the deal.