AI Transportation Acquisition Corp closes $60M IPO and $2.78M private placement; trust funded with $60.6M

AI Transportation Acquisition Corp

IPO of 6M units at $10/unit, gross proceeds $60M; underwriter has 45-day over-allotment option for 900k units.
Simultaneous private placement of 277,750 units at $10/unit for $2.78M total.
$60.6M placed in trust account ($10.10 per public unit); funds restricted for business combination, redemptions, or taxes.
Company is a blank check SPAC targeting AI transportation; no target selected yet.
Units began trading on Nasdaq Nov 9 under AITRU; shares and rights expected to trade under AITR and AITRR.

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Key facts

Extracted from this filing and checked against the source text.

Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

AI Transportation Acquisition Corp: Filed an Amended and Restated Memorandum and Articles of Association in connection with the IPO (effective 2023-11-08).

Change: charter amendment
Effective: 2023-11-08

Exact text from the filing

In connection with the consummation of the Company’s IPO, the Company filed its Amended and Restated Memorandum of Association and Articles of Association dated November 8, 2023 (the “Amended and Restated Charter”) with the Cayman Islands authorities on November 8, 2023.

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Source: SEC EDGAR

accession 0001493152-23-040458

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