Launchpad Cadenza raises $230 million in SPAC IPO on NASDAQ

Launchpad Cadenza Acquisition Corp I completed its initial public offering, raising $230 million through the sale of 23 million units priced at $10 each, according to a company statement. The offering included 3 million units from the underwriters' over-allotment option exercised in full.

The company's units began trading December 18 on NASDAQ under ticker symbol "LPCVU." Each unit contains one Class A ordinary share and one-third of a redeemable warrant. Whole warrants allow holders to purchase Class A ordinary shares at $11.50 per share. The Class A ordinary shares and warrants will trade separately under symbols "LPCV" and "LPCVW" respectively once separate trading begins.

The company placed the full $230 million in proceeds into a trust account. Launchpad Cadenza is a special purpose acquisition company seeking to merge with or acquire businesses, with a focus on technology and software infrastructure companies in blockchain, financial technology, and digital assets sectors.

Max Shapiro serves as chief executive officer, Jurgen van de Vyver as chief financial officer, and Kumar Dandapani as chairman of the board of directors. Sean O'Malley and Jonathan Bier also serve on the board.

Cantor Fitzgerald & Co. acted as sole book-running manager for the offering. The Securities and Exchange Commission declared the registration statement effective December 17.

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