Shepherd Ave Capital Acquisition closed its initial public offering of 8,625,000 units at a price of $10 per unit, for aggregate gross proceeds of $86.25 million. The offering size reflects the full exercise of the underwriter’s over-allotment option. Each unit consists of one of the company’s Class A ordinary shares and one right, with each whole right entitling the holder thereof to receive one-fifth of one class A ordinary share upon the consummation of an initial business combination. No fractional rights will be issued upon separation of the units and only whole rights will trade.
The units are listed on the Nasdaq Global Market and began trading under the ticker symbol “SPHAU” on Dec. 5, 2024. Once the securities comprising the units begin separate trading, the class A ordinary shares and rights are expected to be listed on the Nasdaq under the symbols “SPHA” and “SPHAR,” respectively.
SPAC Advisory Partners, a division of Kingswood Capital Partners, acted as the sole book-running manager for the initial public offering.
