Cayman Islands-incorporated special purpose acquisition company ARC Group Securities Acquisition I has completed a $105 million initial public offering on the Nasdaq Stock Market, according to professional services firm Mourant.
The SPAC began trading Aug. 5 under the ticker symbol FJDI. Mourant said it served as Cayman Islands legal counsel to ARC Group Securities Acquisition I and its sponsor in connection with the offering.
ARC Group Securities Acquisition I was established to pursue a business combination and can consider targets in any industry, sector or geographic market. The company intends to focus its search on businesses in the technology, health care and logistics sectors, according to the release.
Mourant corporate partner Tom McLaughlin led the legal team, with associates Wray Sulisz, Jalen Nordmark and Jaswindha Singh. ARC Group Securities LLC served as lead bookrunner and representative of the underwriters.
“This latest mandate further reflects the depth of Mourant’s capital markets and SPAC expertise and continues a strong period of activity for our Corporate team advising on significant cross-border transactions,” McLaughlin said.
Mourant said the transaction follows other recent SPAC work by its corporate team, including advising IQM Finland Oy on a proposed $1.8 billion business combination with Real Asset Acquisition Corp. and advising Armada Acquisition Corp. II on a $1 billion business combination with Evernorth Holdings Inc.
