Irenic Acquisition Corp. completed its initial public offering by selling 22 million units at $10.00 apiece, raising $220 million in aggregate proceeds. The special purpose acquisition company began trading its units on the Nasdaq Global Market on April 28, 2026.
Each unit comprises one Class A ordinary share plus one-third of a redeemable warrant. When combined into whole warrants, those instruments are exercisable to acquire one Class A ordinary share at a strike price of $11.50 per share. The company expects that, once separate trading begins, the Class A ordinary shares and the warrants will trade on Nasdaq under the symbols "IACQ" and "IACQW," respectively.
The SPAC was organized with the purpose of effecting mergers, share exchanges, asset acquisitions or other similar business combinations. Irenic Capital Management LP is the sponsor, and the sponsor's executive officers serve as the companys principals. Management has stated the company will focus its search primarily on companies in the aerospace, defense and broader industrial sectors, while preserving the option to pursue targets in any industry or geographic location.
Jefferies acted as sole book-running manager for the offering, with Odeon Capital Group LLC serving as co-manager. As is customary in public offerings, the underwriters received a 45-day option to buy up to an additional 3.3 million units at the IPO price to cover potential over-allotments.
The Securities and Exchange Commission declared the registration statement effective on April 27, 2026, clearing the way for the offering. The information provided here is based on a company press release.
Details at a glance
- Offering size: 22 million units
- Price per unit: $10.00
- Total proceeds: $220 million
- Unit composition: 1 Class A ordinary share + 1/3 redeemable warrant
- Warrant exercise price (per whole warrant): $11.50
- Trading commencement (units): Nasdaq Global Market on April 28, 2026
- Expected separate symbols: IACQ (shares), IACQW (warrants)
- Sponsor: Irenic Capital Management LP
- Underwriters: Jefferies (sole book-running manager), Odeon Capital Group LLC (co-manager)
This structure and the sponsors stated sector focus outline the framework for the companys planned search for business combinations while preserving flexibility to consider a wider set of opportunities.