Quarterly ResultMay 12, 2026, 04:22 PM
ARTC Completes $253M IPO, Over-Allotment Option Fully Exercised
AI Summary
Art Technology Acquisition Corp. reported its financial results for the three months ended March 31, 2026, following its Initial Public Offering (IPO). The company successfully completed its IPO, raising $220,000,000, and the underwriters fully exercised their over-allotment option, bringing total gross proceeds to $253,000,000. These funds, along with proceeds from Private Placement Units, were primarily placed into a Trust Account, which generated $1,990,838 in interest income, contributing to a net income of $1,490,202 for the period.
Key Highlights
- Initial Public Offering (IPO) on January 7, 2026, raised $220,000,000 from 22,000,000 units.
- Underwriters fully exercised over-allotment option on January 24, 2026, adding $33,000,000.
- Private Placement Units sale generated $8,250,000 from 825,000 units.
- Aggregate gross proceeds from IPO and over-allotment totaled $253,000,000.
- A total of $253,000,000 was placed in the Trust Account.
- Net income for the three months ended March 31, 2026, was $1,490,202.
- Interest earned on marketable securities in Trust Account was $1,990,838.
- Cash balance as of March 31, 2026, was $2,609,277.