AACT.U News

Six small deals began trading this past week, five of which met the criteria for our IPO stats. They were joined by one blank check IPO. U Power (UCAR) downsized and priced at the low end to raise $15 million at a $315 million market cap. U Power started as a vehicle sourcing service provider in China, and in 2020, it also began developing automated...read more

Ares Acquisition II, the second blank check company formed by Ares Management, raised $450 million by offering 45 million units at $10. The company offered 5 million more units than anticipated. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. Ares Acquisition II is the first blank check IPO to price in the second quarter, as well as...read more

Eight issuers began trading this past week, six of which are eligible for inclusion in our IPO stats. All eight are based outside of the US, and most of the deals downsized at pricing. Two blank check IPOs also debuted. Three small IPOs and one SPAC submitted initial filings. Oslo-listed maritime bulk carrier Himalaya Shipping (HSHP) raised $45 million at a $231...read more

Ares Acquisition II, the second blank check company formed by Ares Management, filed on Wednesday with the SEC to raise up to $400 million in an initial public offering, the largest new blank check filing since December 2021. The New York, NY-based company plans to raise $400 million by offering 40 million units at $10. Each unit consists of one share of common stock and one-half...read more