SilverBox III, the third blank check company formed by members of SilverBox Capital, raised $120 million by offering 12 million units at $10. The company raised 20% more in proceeds than anticipated; it had originally filed earlier this month to raise $100 million. Each unit consists of one share of the common stock and one-third of one redeemable warrant.
The Austin, TX-based company is led by Executive Chairman Stephen Kadenacy and CEO Joseph Reece, co-founders and Managing Partners of SilverBox Capital. Reece and Kadenacy also co-founded Helena Capital and Boxwood Capital. SilverBox III intends to acquire one or more businesses with an aggregate enterprise value in excess of $750 million.
Management's previous SPACs include, SilverBox Engaged Merger I, which completed its merger with Black Rifle Coffee (BRCC) in February 2022, and Boxwood Merger, which completed its merger with Atlas Technical Consultants (ATCX) in August 2019.
SilverBox III plans to list on the NYSE under the symbol SBXC.U. Credit Suisse acted as sole bookrunner on the deal.
