AI Infrastructure Acquisition Corp. prices $120 million SPAC IPO

NEW YORK - AI Infrastructure Acquisition Corp., a newly formed blank check company, announced today the pricing of its initial public offering of 12 million units at $10.00 per unit, raising $120 million. The SPAC’s sponsor is backed by Jet.AI Inc. (NASDAQ:JTAI), currently trading at $3.39 with a market capitalization of approximately $11 million.

Each unit consists of one Class A ordinary share and one right, with each right entitling holders to receive one-fifth of a Class A ordinary share upon completion of an initial business combination. The units are expected to begin trading on the New York Stock Exchange under the symbol "AIIAU" starting Friday.

The Cayman Islands-based special purpose acquisition company (SPAC) is led by Chief Executive Officer Michael Winston. Its sponsor, AIIA Sponsor Ltd., is a minority-owned subsidiary of Jet.AI Inc. (NASDAQ:JTAI), a Las Vegas-based company that describes itself as a publicly listed, pure-play artificial intelligence data center company. According to InvestingPro data, JTAI maintains strong liquidity with a current ratio of 2.97 and holds more cash than debt on its balance sheet.

Maxim Group LLC is serving as the sole book-running manager for the offering, which is expected to close on October 6. Underwriters have a 45-day option to purchase up to an additional 1.8 million units to cover over-allotments.

The company intends to focus on identifying a business combination target, though it has not specified particular industries or regions for potential acquisition targets.

The SEC declared the registration statement for the offering effective on September 30, according to the press release statement.

In other recent news, Jet.AI Inc. has announced a significant capital contribution to AIIA Sponsor Ltd., the sponsor of AI Infrastructure Acquisition Corp., a special purpose acquisition company (SPAC). This SPAC has filed a Registration Statement on Form S-1 with the Securities and Exchange Commission as part of its plans for an initial public offering. The focus of AI Infrastructure Acquisition Corp. will be on transaction opportunities with private technology companies that are advancing artificial intelligence and machine learning capabilities. Additionally, the SPAC is interested in companies involved in data center infrastructure. These developments reflect Jet.AI Inc.’s strategic investment in the growing field of AI infrastructure. The move underscores the company’s commitment to expanding its influence and capabilities within the AI sector. Investors may find these recent developments noteworthy as Jet.AI Inc. positions itself within a rapidly evolving industry.

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