Advising Praetorian Acquisition Corp. on US$220m NASDAQ IPO

Our Cayman Islands Corporate team acted for Praetorian Acquisition Corp., a special purpose acquisition company (SPAC), on its US$220m initial public offering on NASDAQ under the ticker PTORU. The offering consisted of 22,000,000 units priced at US$10 per unit. The company has also granted underwriters a 45 day option to purchase up to 3,300,000 units, less underwriting discounts and commissions, to cover over-allotments. 

The company was formed and is being led by Justin Di Rezze as its chief executive officer and Peter Ondishin as its chief financial officer. It may pursue an acquisition opportunity in any business or industry, or at any stage of its corporate evolution with a focus on target businesses that are in a traditional sector that can be transformed through the application of automation and artificial intelligence.

Reed Smith LLP acted as U.S. counsel, with Clear Street LLC as sole book-running manager.

Our team was led by Cayman Islands Corporate partner Andrew Barker and associate Samantha Currie.