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BUZZ-Palihapitiya's SPAC rises premarket following upsized IPO last week

Reuters
Sep 30
BUZZ-Palihapitiya's SPAC rises premarket following upsized IPO last week

** Shares of blank cheque vehicle American Exceptionalism Acquisition Corp AEXA.N rise 3.7% to $11.18 in premarket trading

** Chaired by venture capital investor and Trump donor Chamath Palihapitiya, the special purpose acquisition vehicle marks the return of Wall Street's "SPAC KING" to the market after several years

** AEXA sold 30 million Class A ordinary shares last week at $10 apiece to raise $300 million in an upsized offering

** Chamath was one of the most prolific proponents of SPACs as a listing alternative during the blank cheque frenzy of 2020-21, before regulatory scrutiny led to investors souring on the vehicles

** His new SPAC aims to merge with companies in AI, energy, decentralized finance, and defense - the sectors most aligned with the Trump administration's policies

(Reporting by Ateev Bhandari in Bengaluru)

((Ateev.Bhandari@thomsonreuters.com;))

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