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Executive Summary
Snow Rothschild Acquisition Corp. has completed its $200M IPO, pricing 20,000,000 units at $10.00 each, with each unit consisting of one Class A ordinary share and one-half of one redeemable warrant. As a blank-check SPAC led by Lord Rothschild and Ian Snow, the company has 24 months (potentially 27) to find and close an initial business combination, with the proceeds held in trust. The offering creates immediate and substantial dilution for public shareholders, with the sponsor's founder shares purchased at ~$0.003 per share obtaining 20% of the post-IPO equity.
Key Financial Metrics
Key Facts
- SPAC IPO of 20,000,000 units at $10.00/unit = $200,000,000 gross proceeds
- Each unit = 1 Class A ordinary share + 1/2 redeemable warrant (exercise price $11.50)
- Sponsor purchased 2,250,000 private placement warrants at $1.00/warrant ($2.25M total)
- Trust account funded with $200M ($10.00/unit); 24-month deadline to complete business combination
- Founder shares (5.75M Class B) purchased for $25,000 (~$0.003/share) — immediate and substantial dilution
- Sole book-running manager: Santander US Capital Markets LLC
- Over-allotment option for up to 3,000,000 additional units (45 days)
Financial Impact
$200M gross IPO proceeds placed in trust; public shareholders face 110.4% dilution at maximum redemption scenario (NTBV of -$1.04/share vs $10.00 offering price) with no over-allotment exercise
Risk Factors
- No target identified — 24-month deadline to complete de-SPAC transaction
- Sponsor paid ~$0.003/share for founder shares creating massive incentive to close any deal
- Public shareholders have no vote on director appointments until after business combination
- If no deal is completed, shareholders receive trust proceeds (~$10.00/share) minus expenses, warrants expire worthless
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 424B4 Filing (Primary) | 0001213900-26-066805 |
| Document: 0001213900-26-066805-index-headers.html | 0001213900-26-066805 |
| Document: 0001213900-26-066805-index.html | 0001213900-26-066805 |
| Document: 0001213900-26-066805.txt | 0001213900-26-066805 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jun 16, 2026 19w ago | 8-K | — | awaiting T+20 | — | — |
Jun 12, 2026 19w ago | 8-K | — | awaiting T+20 | — | — |
Jun 9, 2026 20w ago | 424B4 | — | awaiting T+20 | — | — |
Jun 9, 2026 20w ago | EFFECT | — | awaiting T+20 | — | — |
Jun 8, 2026 20w ago | 3 | — | awaiting T+20 | — | — |
Jun 8, 2026 20w ago | 3 | — | awaiting T+20 | — | — |
Jun 8, 2026 20w ago | 3 | — | awaiting T+20 | — | — |
Jun 8, 2026 20w ago | Press Release | — | awaiting T+20 | — | — |
US Market Status
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