Shearman And Sterling

News March 02, 2023

Silverbox Corp III's $138 Million Spac IPO

Shearman & Sterling advised Credit Suisse as sole book-running manager on the upsized initial public offering of SilverBox Corp III, a special-purpose acquisition company, of 13.80 million units at an offering price of $10.00 per unit, each unit consisting of one share of Class A common stock and one-third of one warrant, resulting in gross proceeds to the Company of $139.38 million, before deducting underwriting discounts and commissions and offering expenses. The 13.80 million units included 1.80 million units issued pursuant to the underwriter’s option to purchase additional units. The units began trading on the New York Stock Exchange under the ticker symbol “SBXC.U” on February 28, 2023.

SilverBox Corp III 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. The company intends to focus its search on identifying a prospective target business in the consumer, food and agriculture, e-commerce, Internet and retail, financial services and financial technology, media, entertainment and hospitality, business services, software and SaaS, telecommunications services and technology, industrial technology and infrastructure and energy transition sectors in the United States. The company is led by Chairman and Chief Executive Officer Stephen M. Kadenacy and Chief Financial Officer Daniel Esters.

The Shearman & Sterling team was led by partners Ilir Mujalovic (New York—Capital Markets), Bill Nelson (Houston—Capital Markets), Jennifer Morton (New York—Financial Institutions Advisory & Financial Regulatory); counsel John Menke (Houston—Capital Markets); and associates Katya Bogdanov (Toronto—Capital Markets), Jessica Kelly (New York—Capital Markets) and Taylor Pugliese (New York—Financial Institutions Advisory & Financial Regulatory).