INSU Acquisition Corp. III Announces Pricing of Upsized $218M IPO
INSU Acquisition Corp. III (NASDAQ:IIIIU) (the “Company”), a blank-check company sponsored by Cohen & Company (NYSE American: COHN) and formed for the purpose of acquiring or merging with one or more businesses or entities in the insurance industry, today announced the pricing of its upsized initial public offering of 21,800,000 units at a price of $10.00 per unit, for gross proceeds to the Company of $218,000,000. The Company’s units will be listed on the Nasdaq Capital Market under the symbol “IIIIU” and will begin trading on December 18, 2020. Each unit issued in the offering consists of one share of the Company’s Class A common stock and one-third of one warrant, each whole warrant exercisable for one share of Class A common stock at an exercise price of $11.50 per share. Once the securities comprising the units begin separate trading, the Class A common stock and warrants are expected to be listed on Nasdaq under the symbols “IIII” and “IIIIW,” respectively. No fractional warrants will be issued upon separation of the units and only whole warrants will trade. The closing of the offering is anticipated to take place on or about December 22, 2020, subject to customary closing conditions.
Cantor Fitzgerald & Co. and Wells Fargo Securities are serving as joint book-running managers for the offering. The Company has granted the underwriters a 45-day option to purchase up to an additional 3,270,000 units at the initial public offering price to cover over-allotments, if any.