Clover Leaf Capital Closes $138.3M IPO

Clover Leaf Capital Corp. CLOEU has closed its previously announced initial public offering of some 13,831,230 units at $10 per unit.

The move follows the company’s debut on the Nasdaq Capital Market under the ticker symbol “CLOEU” on Tuesday, July 20.

The transaction also includes 1,331,230 units the Miami-based company sold at $10 per unit, pursuant to the partial exercise of the underwriters’ over-allotment option.

Each unit is comprised of one share of Class A common stock and one right to receive one-eighth of one share of Class A common stock once the company’s initial business combination is finalized. When the securities comprising the units begin separate trading, the shares will trade under the symbol “CLOE” and rights under “CLOER.”

Maxim Group LLC agreed to serve as sole book-running manager for the transaction.

Photo: Courtesy of Kym MacKinnon on Unsplash