AMR Resources SPAC raises $250M in Nasdaq IPO

AMR Resources Acquisition (AMACU) priced its initial public offering of 25 million units at $10.00 per unit, raising $250 million. The units began trading on the Nasdaq Global Market under the ticker AMACU.

Each unit consists of one ordinary share and one-half of one redeemable warrant. A whole warrant entitles the holder to purchase one ordinary share at $11.50 per share. The warrants will become exercisable 52 days after the completion of an initial business combination.

The SPAC has 24 months from the closing of the IPO to complete a business combination, with the possibility of two nine-month extensions. AMR Resources intends to focus on the energy and natural resources sectors in North America.

Chardan Capital Markets acted as sole book-running manager for the offering. The underwriters have a 45-day option to purchase up to 3.75 million additional units to cover over-allotments.