10X Capital Venture Acquisition III, the third blank check company formed by 10X Capital targeting a tech-enabled business, lowered the proposed deal size for its upcoming IPO on Monday.
The New York, NY-based company now plans to raise $250 million by offering 25 million units at a price of $10. The company had previously filed to offer 35 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-fourth of a warrant. Cantor Fitzgerald intends to purchase $16 million worth of units in the offering (6.5% of the deal). At the revised deal size, 10X Capital Venture III will raise 29% less in proceeds than previously anticipated.
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) and 10X Capital Venture Acquisition, which completed a merger with EV platform REE Automotive (REE; -60% from $10 offer price) in July 2021.
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.
