Venture capitalist Chamath Palihapitiya’s new special-purpose acquisition company (SPAC) has witnessed a steady uptrend after the billionaire issued a warning to retail investors.
The American Exceptionalism Acquisition Corporation (AEXA) began trading on the New York Stock Exchange last week with Palihapitiya announcing that the blank check company is not intended for retail investors.
“I want to temper retail investors’ involvement with my SPACs. This deal was built for institutional investors. Specifically, 98.7% went to large institutions, each picked explicitly by me. The remaining 1.3% was allocated to retail investors.”
AEXA aims to partner with companies in energy, artificial intelligence, decentralized finance (DeFi), and defense systems.
Palihapitiya says that the SPAC was designed almost entirely institutionally backed because he learned that these vehicles are not ideal for most retail investors.
“They are for investors who can underwrite the volatility, place it as part of a broader structured portfolio and have the capital to support the company over the long run.”
AEXA launched with an initial public offering of 30 million shares valued at $10, but demand for the stock prompted the issuance of an additional 4.5 million shares.
“AEXA was more than 5x oversubscribed with a total of $1.4 billion of demand. As a result, we upsized AEXA to $345 million.”
AEXA closed at $11.59 and is up by 9.24% since its launch on September 30th.
Follow us on X, Facebook and TelegramDon't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
作者：fxco_id，文章来源fxco_id，版权归原作者所有，如有侵权请联系本人删除。
风险提示：本文所述仅代表作者个人观点，不代表 Followme 的官方立场。Followme 不对内容的准确性、完整性或可靠性作出任何保证，对于基于该内容所采取的任何行为，不承担任何责任，除非另有书面明确说明。
加载失败()