UNVR - Ex-Commerce Secretary Wilbur Ross' SPAC to begin trading after $300M IPO

Former U.S. Commerce Secretary Wilbur Ross’ SPAC Ross Acquisition Corp. II (ROSSU) plans to begin trading Friday on the New York Stock Exchange after raising $300M in an initial public offering.ROSSU sold 30M investment units at $10 apiece, each consisting of one Class A share and 0.33 warrants entitling the holder to buy a second share at $11.50 in the future.The special purpose acquisition company also granted underwriters the option to buy as many as 4.5M additional units for overallotments.Additionally, the SPAC’s sponsor is investing $8M to buy 5.33M warrants at $1.50 apiece, with each granting the sponsor the right to buy one Class A share at $11.50 in the future. That investment will rise to $8.9M for 5.93M warrants if underwriters exercise all overallotments.ROSSU plans to acquire a company or companies involved in what it described in a regulatory filing as the “fourth industrial revolution” of “new technologies, coupled

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Ex-Commerce Secretary Wilbur Ross’ SPAC to begin trading after $300M IPO