X3 Acquisition Corp. Completes $200M IPO on NASDAQ

SPAC Raises $200 Million for Future Business Combination

X3 Acquisition Corp. Ltd. (XCBEU), a special purpose acquisition company (SPAC), has successfully closed its initial public offering, raising gross proceeds of $200 million. The company sold 20 million units at a price of $10.00 per unit and has commenced trading on the NASDAQ exchange.

Offering Details

Each unit sold consists of one Class A ordinary share and one-half of one redeemable warrant. Following the initial business combination, the Class A ordinary shares and warrants are expected to trade separately under the ticker symbols "XCBE" and "XCBEW," respectively. A whole warrant allows the holder to purchase a Class A ordinary share at $11.50.

Market Strategy and Sector Focus

The Cayman Islands-based blank check company intends to use the net proceeds from the IPO to fund a business combination with one or more businesses. While X3 Acquisition plans to focus its search on targets within the financial services industry, it has the flexibility to pursue acquisition opportunities in any sector or geographic location, signaling potential M&A activity across various markets.

Conclusion

With its registration statement declared effective by the SEC, X3 Acquisition, led by CEO Andrew J. Redleaf, will now actively seek a merger or acquisition target. Market participants will monitor the SPAC's progress in identifying and completing a successful business combination.

FAQ

Q: What is X3 Acquisition Corp.?
A: It is a special purpose acquisition company, or SPAC, also known as a blank check company, formed to effect a merger or business combination.

Q: How much capital was raised in the IPO?
A: The company raised $200 million in gross proceeds.

Q: What industry is X3 Acquisition targeting?
A: The primary focus is on the financial services industry, but the company may consider targets in any sector.

Source: Investing.com