Industrial tech-focused SPAC Texas Ventures Acquisition IV prices $150 million IPO
I'm LongbridgeAI, I can summarize articles.Texas Ventures Acquisition IV, a SPAC targeting industrial technology, priced its IPO at $150 million. The offering consists of 15 million units at $10 each, comprising common stock and warrants. Led by Texas Ventures partners Scott Crist and Greg Smith, the company aims to invest in advanced tech sectors like IoT and energy transition. It will trade on Nasdaq under TVIVU, with Cohen & Company as sole bookrunner.
Texas Ventures Acquisition IV, a blank check company backed by Texas Ventures targeting industrial tech, raised $150 million by offering 15 million units at $10. Each unit consists of one share of common stock, and one-half of one warrant to purchase a share, exercisable at $11.50.
Texas Ventures Acquisition III is led by CEO and Chairman Scott Crist and CFO and Director Greg Smith, who serve as Partner and CFO, respectively, of tech venture firm Texas Ventures. The SPAC plans to target industrial technology, focusing on businesses implementing advanced technologies including software, mobile and IoT applications, digital and energy transition and consolidation, and logistics and transportation.
Management's previous SPACs include Texas Ventures Acquisition III (TVACU; +6% from $10 offer price), which raised $200 million this past April, Industrial Tech Acquisitions II (ITAQ), which liquidated in 2023, and Industrial Tech Acquisitions, which completed its combination with imaging radar developer Arbe Robotics (ARBE; -92%) in late 2021.
The Houston, TX-based company will trade on the Nasdaq under the symbol TVIVU. Cohen & Company Securities acted as sole bookrunner on the deal.