Joby Aviation closes $591 million stock offering with full underwriter option
NEW YORK - StoneBridge Acquisition II Corporation (NASDAQ:APACU) announced Wednesday it has completed its initial public offering of 5,750,000 units at $10.00 per unit, raising $57.5 million. The units currently trade at $9.97, with average daily trading volume reaching 2.52 million.
The offering included 750,000 units issued through an over-allotment option granted to the underwriter. Each unit consists of one Class A ordinary share and one right, with each right entitling holders to receive one-tenth of a Class A ordinary share upon completion of the company’s initial business combination. Since trading began, the units have maintained a tight range between $9.96 and $10.01, showing typical SPAC trading patterns. Track this and other SPAC opportunities with InvestingPro’s comprehensive SPAC monitoring tools and real-time analytics.
The units began trading on the Nasdaq Capital Market under the ticker symbol "APACU" on September 30. Once the securities begin separate trading, the Class A ordinary shares and rights are expected to trade under the symbols "APAC" and "APACR," respectively. The stock has seen a modest -0.3% return since its debut.
Maxim Group LLC served as the sole book-running manager for the offering, which was made available through a prospectus following SEC approval of the registration statement on September 30.
StoneBridge Acquisition II Corporation is a special purpose acquisition company (SPAC) formed to execute a merger, share exchange, asset acquisition, or similar business combination with one or more businesses.
The company did not specify a target industry or timeline for identifying acquisition candidates in its press release statement.
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