Archimedes Tech Spac Partners Co. Announces Closing of Underwriters’ Over-Allotment Option in Connection With Its Initial Public Offering

New York, New York, March 19, 2021 (GLOBE NEWSWIRE) -- Archimedes Tech SPAC Partners Co. (“Archimedes Tech” or the “Company”) (NASDAQ: ATSPU) announced today the closing of the issuance of an additional 1,300,000 units pursuant to the underwriters’ over-allotment option in connection with its initial public offering. The offering was priced at $10.00 per unit, generating additional gross proceeds of $13,000,000.

The Company’s units began trading on the NASDAQ Capital Market (“NASDAQ”) on March 11, 2021, under the ticker symbol “ATSPU.” Each unit consists of one subunit and one-quarter of a redeemable warrant.  Each subunit consists of one share of the Company’s common stock and one-quarter of a redeemable warrant. Each full warrant entitles the holder thereof to purchase one share of common stock at a price of $11.50 per share. Once the securities comprising the units begin separate trading, the subunits and warrants are expected to be listed on NASDAQ under the symbols “ATSPT” and “ATSPW,” respectively.  Assuming the Company consummates an initial business combination, the subunits will separate into the underlying shares of common stock and warrants, while the units and subunits will cease to trade.

Archimedes Tech is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. While the Company may pursue an acquisition in any business industry or sector, it intends to concentrate its efforts on identifying businesses in the technology industry. The Company is led by Chairman Dr. Eric Ball, Chief Executive Officer & President Stephen Cannon, Chief Operating Officer Daniel Sheehan, Chief Financial Officer Long Long and advised by its special advisor, Brent Callinicos.

EarlyBirdCapital, Inc. acted as sole book-running manager of the offering and I-Bankers Securities, Inc. acted as co-manager of the offering.

Registration statements relating to these securities were declared effective by the Securities and Exchange Commission (“SEC”) on March 10, 2021. The offering was made only by means of a prospectus, copies of which may be obtained by contacting EarlyBirdCapital, Inc., Attn: Syndicate Department, 366 Madison Avenue, 8th Floor, New York, New York 10017.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

FORWARD-LOOKING STATEMENTS
This press release contains statements that constitute “forward-looking statements,” including with respect to the initial public offering and the search for an initial business combination. No assurance can be given that the net proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement for the offering filed with the SEC. Copies are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Investor Contact:
Archimedes Tech SPAC Partners Co.
(650) 560-4753
[email protected]

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