Wilmington, DE, Dec. 06, 2024 (GLOBE NEWSWIRE) -- Shepherd Ave Capital Acquisition Corporation (NASDAQ: SPHAU) ("SPHA" or the "Company") announced today that it closed its initial public offering of 8,625,000 units at a price of $10.00 per unit, for aggregate gross proceeds of $86,250,000. The offering size reflects the full exercise of the underwriter's over-allotment option.
Each unit consists of one of the Company's Class A ordinary shares (the "Class A Ordinary Shares") and one right (the "Rights"), with each whole right entitling the holder thereof to receive one-fifth (1/5) of one Class A Ordinary Share upon the consummation of an initial business combination. No fractional rights will be issued upon separation of the units and only whole rights will trade.
The units are listed on the Nasdaq Global Market LLC ("Nasdaq") and began trading under the ticker symbol "SPHAU" on December 5, 2024. Once the securities comprising the units begin separate trading, the Class A Ordinary Shares and Rights are expected to be listed on Nasdaq under the symbols "SPHA" and "SPHAR," respectively.
SPAC Advisory Partners LLC, a division of Kingswood Capital Partners, LLC, acted as the sole book-running manager for the initial public offering.
"This press release shall not constitute an offer to sell or solicitation of an offer to buy," stated in relation to regulatory compliance requirements.
About Shepherd Ave Capital Acquisition Corporation
SPHA is a newly incorporated blank check company formed in Cayman Islands for effecting a merger or similar business combination with businesses or entities. While it may pursue targets in any industry, it aims for companies with strong management teams and growth potential benefiting from being U.S. public companies.
Forward-Looking Statements
"This press release includes forward-looking statements," indicating potential risks beyond control which could affect actual results compared to expectations stated herein.