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NEEDHAM, Mass. - McKinley Acquisition Corporation (Nasdaq:MKLYU) announced Tuesday it has closed on an additional 2.25 million units following the full exercise of the underwriter’s over-allotment option. This brings the total proceeds from its initial public offering to $172.25 million. The SPAC currently maintains a market capitalization of $206.79 million, according to InvestingPro data.
The special purpose acquisition company (SPAC) had previously completed its initial offering of 15 million units. With the overallotment, the company sold a total of 17.25 million units at $10.00 each.
McKinley’s units, which began trading on Nasdaq on August 13, consist of one Class A ordinary share and one right. Each right allows the holder to receive one-tenth of a Class A ordinary share upon completion of an initial business combination. The units currently trade at $9.98 with notably low price volatility and average daily trading volume of 2.07 million over the past three months, as reported by InvestingPro.
The company has placed $172.5 million of the proceeds in trust, representing $10.00 per unit sold in the public offering.
Clear Street LLC served as the sole book-running manager for the offering, while Brookline Capital Markets, a division of Arcadia Securities, LLC, acted as co-manager.
Once the securities begin separate trading, the Class A ordinary shares and rights will trade on Nasdaq under the symbols "MKLY" and "MKLYR," respectively.
The information in this article is based on a company press release statement and enhanced with InvestingPro data, which offers additional insights including financial health scores and valuation metrics for informed investment decisions.
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