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Ascendant Digital Acquisition Corp. III - ACDI

  • Commons

    $10.01

    +0.00%

    ACDI Vol: 0.0

  • Warrants

    $0.13

    +0.00%

    ACDI+ Vol: 0.0

  • Units

    $10.06

    +0.00%

    ACDI= Vol: 0.0

Average: 0
Rating Count: 0
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SPAC Stats

Market Cap: 300.3M
Average Volume: 57.2K
52W Range: $9.80 - $10.40
Weekly %: +0.10%
Monthly %: +0.30%
Inst Owners: 0

Info

Target: Searching
Days Since IPO: 235
Unit composition:
Each unit has an offering price of $10.00 and consists of one Class A ordinary share and one-third of one redeemable warrant
Trust Size: 25000000.0M

Management

Officers, Directors and Director Nominees,” “Management—Conflicts of Interest” and “Certain Relationships and Related Party Transactions.” Our officers, directors, security holders and their respective affiliates may have competitive pecuniary interests that conflict with our interests. We have not adopted a policy that expressly prohibits our directors, officers, security holders or affiliates from having a direct or indirect pecuniary or financial interest in any investment to be acquired or disposed of by us or in any transaction to which we are a party or have an interest. In fact, we may enter into a business combination with a target business that is affiliated with our sponsor, our directors or officers, although we do not intend to do so. Nor do we have a policy that expressly prohibits any such persons from engaging for their own account in business activities of the types conducted by us. Accordingly, such persons or entities may have a conflict between their interests and ours. The personal and financial interests of our directors and officers may influence their motivation in timely identifying and selecting a target business and completing a business combination. Consequently, our directors’ and officers’ discretion in identifying and selecting a suitable target business may result in a conflict of interest when determining whether the terms, conditions and timing of a particular business combination are appropriate and in our shareholders’ best interest. If this were the case, it would be a breach of their fiduciary duties to us as a matter of Cayman Islands law and we or our shareholders might have a claim against such individuals for infringing on our shareholders’ rights. See the section titled “Description of Securities—Certain Differences in Corporate Law—Shareholder Suits” for further information on the ability to bring such claims. However, we might not ultimately be successful in any claim we may make against them for such reason. We may engage one or more of our underwriters or one of their respective affiliates to provide additional services to us after this offering, which may include acting as financial advisor in connection with an initial business combination or as placement agent in connection with a related financing transaction. Our underwriters are entitled to receive deferred commissions that will released from the trust only on a completion of an initial business combination. These financial incentives may cause them to have potential conflicts of interest in rendering any such additional services to us after this offering, including, for example, in connection with the sourcing and consummation of an initial business combination. We may engage one or more of our underwriters or one of their respective affiliates to provide additional services to us after this offering, including, for example, identifying potential targets, providing financial advisory services, acting as a placement agent in a private offering or arranging debt financing. We may pay such underwriter or its affiliate fair and reasonable fees or other compensation that would be determined at that time in 65 Table of Contents an arm’s length negotiation; provided that no agreement will be entered into with any of the underwriters or their respective affiliates and no fees or other compensation for such services will be paid to any of the underwriters or their respective affiliates prior to the date that is 60 days from the date of this prospectus, unless FINRA determines that such payment would not be deemed underwriters’ compensation in connection with this offering. The underwriters are also entitled to receive deferred commissions that are conditioned on the completion of an initial business combination. The underwriters’ or their respective affiliates’ financial interests tied to the consummation of a business combination transaction may give rise to potential conflicts of interest in providing any such additional services to us, including potential conflicts of interest in connection with the sourcing and consummation of an initial business combination. We may not have sufficient funds to satisfy indemnification claims of our directors and officers. We have agreed to indemnify our officers and directors to the fullest extent permitted by law. However, our officers and directors have agreed to waive any right, title, interest or claim of any kind in or to any monies in the trust account and to not seek recourse against the trust account for any reason whatsoever. Accordingly, any indemnification provided will be able to be satisfied by us only if (i) we have sufficient funds outside of the trust account or (ii) we consummate an initial business combination. Our obligation to indemnify our officers and directors may discourage shareholders from bringing a lawsuit against our officers or directors for breach of their fiduciary duty. These provisions also may have the effect of reducing the likelihood of derivative litigation against our officers and directors, even though such an action, if successful, might otherwise benefit us and our shareholders. Furthermore, a shareholder’s investment may be adversely affected to the extent we pay the costs of settlement and damage awards against our officers and directors pursuant to these indemnification provisions. Our letter agreement with our sponsor, officers and directors may be amended without shareholder approval. Our letter agreement with our sponsor, officers and directors contain provisions relating to transfer restrictions of our founder shares and private placement warrants, indemnification of the trust account, waiver of redemption rights and participation in liquidating distributions from the trust account. The letter agreement may be amended without shareholder approval (although releasing the parties from the restriction not to transfer the founder shares for 185 days following the date of this prospectus will require the prior written consent of the underwriters). While we do not expect our board to approve any amendment to the letter agreement prior to our initial business combination, it may be possible that our board, in exercising its business judgment and subject to its fiduciary duties, chooses to approve one or more amendments to the letter agreement. Any such amendments to the letter agreement would not require approval from our shareholders and may have an adverse effect on the value of an investment in our securities. RISKS RELATING TO OUR SECURITIES You will not have any rights or interests in funds from the trust account, except under certain limited circumstances. Therefore, to liquidate your investment, you may be forced to sell your public shares or warrants, potentially at a loss. Our public shareholders will be entitled to receive funds from the trust account only upon the earliest to occur of: (i) our completion of an initial business combination, and then only in connection with those Class A ordinary shares that such shareholder properly elected to redeem, subject to the limitations and on the conditions described herein, (ii) the redemption of any public shares properly submitted in connection with a shareholder vote to amend our amended and restated memorandum and articles of association (A) to modify the substance or timing of our obligation to allow redemption in connection with our initial business combination or to redeem 100% of our public shares if we do not complete our initial business combination within 24 months from the closing of 66 Table of Contents this offering or (B) with respect to any other provisions relating to shareholders’ rights or pre-initial business combination activity, and (iii) the redemption of our public shares if we are unable to complete an initial business combination within 24 months from the closing of this offering, subject to applicable law and as further described herein. In no other circumstances will a public shareholder have any right or interest of any kind in the trust account. Holders of warrants will not have any right to the proceeds held in the trust account with respect to the warrants. Accordingly, to liquidate your investment, you may be forced to sell your public shares or warrants, potentially at a loss. The NYSE may delist our securities from trading on its exchange, which could limit investors’ ability to make transactions in our securities and subject us to additional trading restrictions. We have applied to have our units listed on the NYSE. We expect that our units will be listed on the NYSE on or promptly after the date of this prospectus. Following the date that the Class A ordinary shares and warrants are eligible to trade separately, we anticipate that the Class A ordinary shares and warrants will be separately listed on the NYSE. We cannot guarantee that our securities will be approved for listing on the NYSE. Although after giving effect to this offering we expect to meet, on a pro forma basis, the minimum initial listing standards set forth in the NYSE listing standards, we cannot assure you that our securities will be, or will continue to be, listed on the NYSE in the future or prior to our initial business combination. In order to continue listing our securities on the NYSE prior to our initial business combination, we must maintain certain financial, distribution and share price levels. Generally, following our initial public offering, we must maintain a minimum amount in Shareholders’ equity (generally $2,500,000) and a minimum number of holders of our securities (generally 300 public holders). Additionally, in connection with our initial business combination, we will be required to demonstrate compliance with the NYSE’s initial listing requirements, which are more rigorous than the NYSE’s continued listing requirements, in order to continue to maintain the listing of our securities on the NYSE. For instance, our share price would generally be required to be at least $4.00 per share and our Shareholders’ equity would generally be required to be at least $5.0 million. We cannot assure you that we will be able to meet those initial listing requirements at that time. If the NYSE delists our securities from trading on its exchange and we are not able to list our securities on another national securities exchange, we expect our securities could be quoted on an over-the-counter market. If this were to occur, we could face significant material adverse consequences, including: • a limited availability of market quotations for our securities; • reduced liquidity for our securities; • a determination that our Class A ordinary shares are a “penny stock” which will require brokers trading in our Class A ordinary shares to adhere to more stringent rules and possibly result in a reduced level of trading activity in the secondary trading market for our securities; • a limited amount of news and analyst coverage; and • a decreased ability to issue additional securities or obtain additional financing in the future. The National Securities Markets Improvement Act of 1996, which is a federal statute, prevents or preempts the states from regulating the sale of certain securities, which are referred to as “covered securities.” Because we expect that our units and eventually our Class A ordinary shares and warrants will be listed on the NYSE, our units, Class A ordinary shares and warrants will qualify as covered securities under the statute. Although the states are preempted from regulating the sale of our securities, the federal statute does allow the states to investigate companies if there is a suspicion of fraud, and, if there is a finding of fraudulent activity, then the states can regulate or bar the sale of covered securities in a particular case. While we are not aware of a state having used these powers to prohibit or restrict the sale of securities issued by blank check companies, other than the State of Idaho, certain state securities regulators view blank check companies unfavorably and might use these powers, or threaten to use these powers, to hinder the sale of securities of blank check companies in their states. Further, if we were no longer listed on the NYSE, our securities would not qualify as covered securities under the statute and we would be subject to regulation in each state in which we offer our securities. 67 Table of Contents Our initial shareholders paid an aggregate of $25,000, or approximately $0.003 per founder share and, accordingly, you will experience immediate and substantial dilution from the purchase of our Class A ordinary shares. The difference between the public offering price per share (allocating all of the unit purchase price to the Class A ordinary share and none to the warrant included in the unit) and the pro forma net tangible book value per share of our Class A ordinary shares after this offering constitutes the dilution to you and the other investors in this offering. Our initial shareholders acquired the founder shares at a nominal price, significantly contributing to this dilution. Upon closing of this offering, and assuming no value is ascribed to the warrants included in the units, you and the other public shareholders will incur an immediate and substantial dilution of approximately [●]% (or $[●] per share, assuming no exercise of the underwriters’ over-allotment option), the difference between the pro forma net tangible book value per share after this offering of $[●] and the initial offering price of $10.00 per unit. This dilution would increase to the extent that the anti-dilution provisions of the founder shares result in the issuance of Class A ordinary shares on a greater than one-to-one basis upon conversion of the founder shares at the time of our initial business combination. In addition, because of the anti-dilution protection in the founder shares, any equity or equity-linked securities issued in connection with our initial business combination would be disproportionately dilutive to our Class A ordinary shares. The determination of the offering price of our units and the size of this offering is more arbitrary than the pricing of securities and size of an offering of an operating company in a particular industry. You may have less assurance, therefore, that the offering price of our units properly reflects the value of such units than you would have in a typical offering of an operating company. Prior to this offering there has been no public market for any of our securities. The public offering price of the units and the terms of the warrants were negotiated between us and the underwriters. In determining the size of this offering, management held customary organizational meetings with the representative of the underwriters, both prior to our inception and thereafter, with respect to the state of capital markets, generally, and the amount the underwriters believed they reasonably could raise on our behalf. Factors considered in determining the size of this offering, prices and terms of the units, including the Class A ordinary shares and warrants underlying the units, include: • the history and prospects of companies whose principal business is the acquisition of other companies; • prior offerings of those companies; • our prospects for acquiring an operating business at attractive values; • a review of debt to equity ratios in leveraged transactions; • our capital structure; • an assessment of our management and their experience in identifying operating companies; • general conditions of the securities markets at the time of this offering; and • other factors as were deemed relevant. Although these factors were considered, the determination of our offering size, price and terms of the Units is more arbitrary than the pricing of securities of an operating company in a particular industry since we have no historical operations or financial results. There is currently no market for our securities and a market for our securities may not develop, which would adversely affect the liquidity and price of our securities. There is currently no market for our securities. Shareholders therefore have no access to information about prior market history on which to base their investment decision. Following this offering, the price of our securities may vary significantly due to one or more potential business combinations and general market or economic conditions, including as a result of the COVID-19 outbreak. Furthermore, an active trading market for our securities may never develop or, if developed, it may not be sustained. You may be unable to sell your securities unless a market can be established and sustained. 68 Table of Contents Provisions in our amended and restated memorandum and articles of association may inhibit a takeover of us, which could limit the price investors might be willing to pay in the future for our Class A ordinary shares and could entrench management. Our amended and restated memorandum and articles of association contain provisions that may discourage unsolicited takeover proposals that shareholders may consider to be in their best interests. These provisions include a staggered board of directors and the ability of the board of directors to designate the terms of and issue new series of preference shares, which may make the removal of management more difficult and may discourage transactions that otherwise could involve payment of a premium over prevailing market prices for our securities. An investment in this offering may result in uncertain U.S. federal income tax consequences. An investment in this offering may result in uncertain U.S. federal income tax consequences. For instance, because there are no authorities that directly address instruments similar to the units we are issuing in this offering, the allocation an investor makes with respect to the purchase price of a unit between the Class A ordinary shares and the one-third of one warrant to purchase one Class A ordinary share included in each unit could be challenged by the IRS or courts. In addition, the U.S. federal income tax consequences of a cashless exercise of warrants included in the units we are issuing in this offering is unclear under current law. Finally, it is unclear whether the redemption rights with respect to our ordinary shares suspend the running of a U.S. Holder’s (as defined in section titled “Taxation—United States Federal Income Tax Consideration—U.S. Holders”) holding period for purposes of determining whether any gain or loss realized by such holder on the sale or exchange of Class A ordinary shares is long-term capital gain or loss and for determining whether any dividend we pay would be considered “qualified dividend income” for U.S. federal income tax purposes. See the section titled “Taxation—United States Federal Income Tax Considerations” for a summary of the U.S. federal income tax considerations of an investment in our securities. Prospective investors are urged to consult their tax advisors with respect to these and other tax consequences when acquiring, owning or disposing of our securities. We may amend the terms of the warrants in a manner that may be adverse to holders of public warrants with the approval by the holders of at least a majority of the then outstanding public warrants. As a result, the exercise price of your warrants could be increased, the exercise period could be shortened and the number of Class A ordinary shares purchasable upon exercise of a warrant could be decreased, all without your approval. Our warrants will be issued in registered form under a warrant agreement between Continental Stock Transfer & Trust Company, as warrant agent, and us. The warrant agreement provides that the terms of the warra

SEC Filings

Form Type Form Description Filing Date Document Link
10-Q FORM 10-Q 2022-05-16 https://www.sec.gov/Archives/edgar/data/1850316/000119312522150464/d345393d10q.htm
10-K 10-K 2022-03-25 https://www.sec.gov/Archives/edgar/data/1850316/000119312522085155/d479509d10k.htm
SC 13G 2022-02-14 https://www.sec.gov/Archives/edgar/data/1850316/000117266122000856/firtree-acdi123121.htm
SC 13G/A FORM SC 13G/A 2022-02-14 https://www.sec.gov/Archives/edgar/data/1850316/000106299322003889/formsc13ga.htm
SC 13G ASCENDANT DIGITAL ACQUISITION CORP. III 2022-02-11 https://www.sec.gov/Archives/edgar/data/1850316/000090266422001496/p22-0296sc13g.htm
SC 13G SC 13G ACDI 2022-02-11 https://www.sec.gov/Archives/edgar/data/1850316/000176680622000027/acdi.htm
SC 13G SC 13G 2022-02-10 https://www.sec.gov/Archives/edgar/data/1850316/000119312522034500/d225080dsc13g.htm
SC 13G SCHEDULE 13G 2022-01-28 https://www.sec.gov/Archives/edgar/data/1850316/000110465922008692/tm222458d42_sc13g.htm
10-Q 10-Q 2021-12-23 https://www.sec.gov/Archives/edgar/data/1850316/000119312521366378/d261185d10q.htm
8-K 8-K 2021-12-23 https://www.sec.gov/Archives/edgar/data/1850316/000119312521366281/d264969d8k.htm
8-K 8-K 2021-11-19 https://www.sec.gov/Archives/edgar/data/1850316/000119312521335254/d222920d8k.htm
SC 13G FORM SC 13G 2021-11-19 https://www.sec.gov/Archives/edgar/data/1850316/000106299321011208/formsc13g.htm
8-K 8-K 2021-11-16 https://www.sec.gov/Archives/edgar/data/1850316/000119312521331370/d243311d8k.htm
4 FORM 4 SUBMISSION 2021-11-15 https://www.sec.gov/Archives/edgar/data/1850316/000089924321044675/xslF345X03/doc4.xml
424B4 424B4 2021-11-12 https://www.sec.gov/Archives/edgar/data/1850316/000119312521328168/d140288d424b4.htm
EFFECT 2021-11-09 https://www.sec.gov/Archives/edgar/data/1850316/999999999521004256/xslEFFECTX01/primary_doc.xml
3 FORM 3 SUBMISSION 2021-11-09 https://www.sec.gov/Archives/edgar/data/1850316/000089924321043794/xslF345X02/doc3.xml
3 FORM 3 SUBMISSION 2021-11-09 https://www.sec.gov/Archives/edgar/data/1850316/000089924321043793/xslF345X02/doc3.xml
3 FORM 3 SUBMISSION 2021-11-09 https://www.sec.gov/Archives/edgar/data/1850316/000089924321043792/xslF345X02/doc3.xml
3 FORM 3 SUBMISSION 2021-11-09 https://www.sec.gov/Archives/edgar/data/1850316/000089924321043791/xslF345X02/doc3.xml
3 FORM 3 SUBMISSION 2021-11-09 https://www.sec.gov/Archives/edgar/data/1850316/000089924321043790/xslF345X02/doc3.xml
3 FORM 3 SUBMISSION 2021-11-09 https://www.sec.gov/Archives/edgar/data/1850316/000089924321043788/xslF345X02/doc3.xml
3 FORM 3 SUBMISSION 2021-11-09 https://www.sec.gov/Archives/edgar/data/1850316/000089924321043783/xslF345X02/doc3.xml
S-1MEF S-1MEF 2021-11-09 https://www.sec.gov/Archives/edgar/data/1850316/000119312521324827/d148946ds1mef.htm
CERT NYSE CERTIFICATION 2021-11-08 https://www.sec.gov/Archives/edgar/data/1850316/000087666121001590/ACDI110821.pdf
8-A12B 8-A12B 2021-11-08 https://www.sec.gov/Archives/edgar/data/1850316/000119312521322618/d138583d8a12b.htm
CORRESP 2021-11-04 https://www.sec.gov/Archives/edgar/data/1850316/000119312521320259/filename1.htm
CORRESP 2021-11-04 https://www.sec.gov/Archives/edgar/data/1850316/000119312521320226/filename1.htm
CORRESP 2021-11-03 https://www.sec.gov/Archives/edgar/data/1850316/000119312521318468/filename1.htm
S-1/A S-1/A 2021-11-03 https://www.sec.gov/Archives/edgar/data/1850316/000119312521318425/d140288ds1a.htm
UPLOAD 2021-11-03 https://www.sec.gov/Archives/edgar/data/1850316/000000000021013336/filename1.pdf
S-1/A S-1/A 2021-10-19 https://www.sec.gov/Archives/edgar/data/1850316/000119312521301993/d140288ds1a.htm
CORRESP 2021-07-19 https://www.sec.gov/Archives/edgar/data/1850316/000119312521218823/filename1.htm
UPLOAD 2021-07-12 https://www.sec.gov/Archives/edgar/data/1850316/000000000021008571/filename1.pdf
S-1/A S-1/A 2021-06-25 https://www.sec.gov/Archives/edgar/data/1850316/000119312521200400/d140288ds1a.htm
S-1 S-1 2021-04-19 https://www.sec.gov/Archives/edgar/data/1850316/000119312521121409/d140288ds1.htm