Chamath Palihapitiya returns to the SPAC market, looking to raise $250 million

PANews reported on August 19th that former Facebook executive and billionaire Chamath Palihapitiya has launched another SPAC after nearly three years. His company, American Exceptionalism Acquisition Corp. A, has filed for a $250 million IPO and plans to list on the New York Stock Exchange, focusing on energy, artificial intelligence, cryptocurrency, and defense. The new SPAC does not have warrants, and founder shares only vest when the stock price rises 50% above the issue price. AEXA Sponsor LLC will subscribe for 175,000 Class A shares for $1.75 million. Palihapitiya warned retail investors of the risks of investing, stating that only SoFi Technologies Inc. is trading above its issue price, while other SPACs have experienced an average loss of 75%. The offering is underwritten by Banco Santander SA, with the ticker symbol AEXA.