IACQ · Irenic Acquisition Corp.

Irenic Acquisition Corp., a SPAC sponsored by Irenic Capital Management LP, completed its initial public offering of 22,000,000 units at $10.00 per unit, generating $220 million in gross proceeds. The units consist of one Class A ordinary share and one-third of one redeemable warrant exercisable at $11.50 per share. The underwriters have a 45-day over-allotment option for up to 3,300,000 additional units. Simultaneously, the company completed a private placement of 640,000 units at $10.00 per unit to the sponsor (420,000 units) and underwriters (220,000 units), raising $6.4 million. The proceeds from the IPO and private placement, totaling $220 million, were deposited into a trust account at J.P. Morgan Chase Bank, N.A., with Continental Stock Transfer & Trust Company as trustee. These funds will be used to consummate a business combination within 24 months or be returned to public shareholders if no deal is completed. In connection with the IPO, the company adopted an amended and restated memorandum and articles of association and appointed three independent directors: Paul Adams, Kirk S. Hachigian, and Larry A. Lawson. Each received indirect interests in 25,000 Class B ordinary shares as compensation. The board is now classified into three classes with staggered terms. The company intends to focus its search for a business combination target in the aerospace, defense, and broader industrial sectors.