New Providence Acquisition Corp. III/Cayman (NPACU) priced its SPAC IPO – 26.1 million units at $10.00 each – to raise $261.0 million on Wednesday night, April 23, 2025. Each unit consists of one share of stock and one-third of one redeemable warrant.
Shares of New Providence Acquisition Corp. III/Cayman slipped 1 cent to open at $9.99 on Thursday, April 24, 2025 – on the NASDAQ. Opening volume totaled 650,114 shares, according to NASDAQ.
Cantor was the sole book-runner.
New Providence Acquisition Corp. III/Cayman (NPACU) is based in Palm Beach, Florida, and incorporated in the Cayman Islands. This SPAC intends to acquire and run a business in the consumer industry, according to the prospectus. It may look outside the U.S. for target companies, the prospectus said.
Alexander Coleman and Gary Smith are the co-chairmen and co-CEOs of New Providence Acquisition Corp. III/Cayman. Coleman is the managing partner of New Providence Corp., an investment firm specializing in consumer companies since 2019. Smith has been a managing partner of New Providence Corp. since 2019 as well. He has also held senior management positions at PepsiCo, Red Bull, Big Red, Inc. and New Providence Acquisition Corp. I, according to the prospectus.
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