Aetherium $115M Follow-On Offering

Published on June 20, 2023

Aetherium $115M Follow-On Offering

Completed a $115 million follow-on public offering to expand the trust account and enhance Aetherium's capacity for larger de-SPAC transactions.

Client

Aetherium Acquisition Corp

Practice

capital-markets-advisory

Jurisdiction

NASDAQ / SEC

Value

$115,000,000

Result

Follow-on offering priced at a premium, expanding trust to support $250M+ business combinations.

Category

Public Offering

Meet the legal team

Attorneys Involved

Our attorneys bring deep expertise and dedication to every case. Learn more about the professionals who guided this matter to a successful resolution, each contributing specialized skills and strategic insight to deliver results for our client.

Jonathan Chan portrait

Jonathan Chan

Chairman & CEO

Greenwich Office

SPAC StructuringCapital MarketsCross-Border M&A
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Alex Lee portrait

Alex Lee

Chief Financial Officer

Greenwich Office

Financial ReportingSEC ComplianceAudit & Controls
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Sarah Patel portrait

Sarah Patel

General Counsel

New York Office

Securities LawRegulatory ComplianceCorporate Governance
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Client Testimonial

"The follow-on offering demonstrated the market's continued conviction in Aetherium's pipeline and execution capability in the Southeast Asian technology space."

— Institutional Investor, Portfolio Manager

Transaction Overview

In June 2023, Aetherium Acquisition Corp completed a $115 million follow-on offering on NASDAQ, bringing the total capital raised to over $215 million. The offering was designed to expand the trust account and position Aetherium to pursue larger business combination targets in the Southeast Asian technology sector.

The follow-on was priced at a premium to NAV, reflecting investor confidence in the management team’s pipeline of prospective merger targets and the overall SPAC thesis.

Offering Details

  • Shares Offered: 11,500,000 shares of Class A common stock
  • Pricing: At a premium to trust value per share
  • Use of Proceeds: Deposited to trust for business combination
  • Investor Base: Expanded to include additional long-only and crossover funds

Strategic Rationale

The additional capital significantly expanded Aetherium’s capacity to pursue larger transactions, enabling the team to compete effectively for premium technology assets in a market where valuations for leading Southeast Asian technology companies had continued to appreciate.

Execution Highlights

The offering was completed in a challenging market environment for SPACs, underscoring the differentiated positioning of Aetherium’s Southeast Asia technology mandate and the credibility of the management team. The follow-on was fully subscribed within the marketing period with minimal price concession.