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Completed · 15 Jun 2023MTAL.U · NYSECIK 1853021Sponsor at IPO: Green Mountain Metals LLC

Metals Acquisition Corp

$265MTrust raised at IPO · 11% of public shares left after its last counted vote

Merged with Metals Acquisition Limited (MTAL) · Not identified

  1. IPO28 Jul 2021
  2. Searching24 months
  3. Deal announcedAgreement signed
  4. Closed15 Jun 2023

Tavia Read What stands out, from the filings · snapshot 14

  1. 01

    Larger than 58% of 2021’s SPAC IPOs.

    $265M raised, against a median of $239M for the 610 SPACs that priced in 2021.

  2. 02

    89% of public shares redeemed across 1 vote.

    The merger vote, counted from the SPAC’s 8-Ks. 11% of the public shares remained after the last one.

  3. 03

    Closed its merger 23 months after its IPO.

    The combined company is Metals Acquisition Limited (MTAL). Sector: Not identified.

Worked out from checked figures in snapshot 14 · no forecasts or advice

Key terms

Other 2021 SPAC IPOs →
IPO priced
28 Jul 2021
IPO closed
2 Aug 2021
Raised
$265M
Units sold
26,514,7801
Trust raised
$265M2
Trust per unit
$10.003
Unit
1 sh + ⅓ warrant4
Months to complete
245
Deadline before extensions
2 Aug 2023
Over-allotment
Exercised in part

Each unit: “one Class A ordinary share and one-third of one redeemable warrant”

How it compares

Metals Acquisition Corp against the 610 SPACs that priced in 2021.

Raised
$265M
58% of 2021 SPACs are below it
2021 median: $239M
Trust per unit
$10.00
63% of 2021 SPACs match it
2021 median: $10.00
Months to complete
24
56% of 2021 SPACs match it
2021 median: 24
Redeemed across its votes
89%
67% of 2021 SPACs are above it
2021 median: 94%

Trust and redemptions

  1. Merger vote · 5 Jun 202323,513,685 of 26,514,780 redeemed (89%)

Public shares before each vote and the shares redeemed, as its 8-Ks (or the next 10-Q or 10-K) state them. Only votes whose redemptions were paid count.

Firms named in the prospectus

Company counsel

Underwriters’ counsel

Auditor

Other SPACs from Metals

Metals’s track record →

Metals has brought 2 SPACs to market since 1 January 2019, $495M in all: 1 completed, 1 searching. 1 of the 1 that reached an end completed a merger.

SPACIPORaisedStatusOutcomeMonths
Metals Acquisition Corp. II11 Mar 2026$230MSearching——
Metals Acquisition Corp This SPAC28 Jul 2021$265MCompletedMetals Acquisition Limited (MTAL)23

Months: from the IPO to the merger’s closing or the liquidation. SPACs are grouped by sponsor when their names, or their sponsor entities, match once the legal form and series numeral are taken off.

Peers

Other 2021 SPAC IPOs with Citigroup Global Markets Inc. as bookrunner.

SPACIPORaisedUnitStatus
Ahren Acquisition Corp.14 Dec 2021$300M1 sh + ½ warrantLiquidated
Investcorp Europe Acquisition Corp I14 Dec 2021$345M1 sh + ½ warrantSearching
Athena Technology Acquisition Corp. II9 Dec 2021$254M1 sh + ½ warrantDeal announced
Healthcare AI Acquisition Corp.9 Dec 2021$216M1 sh + ½ warrantDeal announced
Emerging Markets Horizon Corp.8 Dec 2021$288M1 sh + ½ warrantLiquidated

Sources

  1. PFinal prospectus: 0001104659-21-098250
  2. 1Units sold: 0001104659-21-114665After giving effect to the partial exercise and close of the option, an aggregate of 26,514,780 units have been issued in the initial public offering
  3. 2Trust raised: 0001104659-21-114665A total of $265,147,800 (or $10.00 per Unit) comprised of the proceeds from the IPO (including the Option Units) and the proceeds of the sale of the Private Placement Warrants, was placed in a U.S.-based trust account
  4. 3Trust per unit: 0001104659-21-098250$250.0 million, or $287.5 million if the underwriter’s over-allotment option is exercised in full ($10.00 per unit in either case), will be deposited into a trust account located in the United States
  5. 4Unit composition: 0001104659-21-098250Each unit has an offering price of $10.00 and consists of one Class A ordinary share and one-third of one redeemable warrant.
  6. 5Months to complete: 0001104659-21-098250If we do not consummate an initial business combination within 24 months from the closing of this offering, we will redeem 100% of the public shares for cash

Each quote is found word for word in the filing it cites. Where a figure here differs from the filing, the filing prevails.

How the figures are compiled
  • Which IPOs. Every final IPO prospectus (Form 424B4 or 424B1, or a 424B3 when it is the first prospectus filed on an S-1 or F-1 registration within 10 days of it going effective) filed on SEC EDGAR from the history start, by a registrant whose SIC code was 6770 (blank checks) on the filing date. Offerings that are not exchange-listed SPAC IPOs are excluded when the prospectus is read. The window starts on 1 January 2021.
  • Dated by. The date of the final prospectus.
  • Raised. Units sold to the public, including over-allotment units, times the unit price, as stated in the SPAC's 8-K reports after the IPO.
  • Trust. The trust held for public shareholders after the IPO and any over-allotment: trust per unit times public units, as stated in the SPAC's filings. Cash deposited in trust and then moved out as working capital is not counted.
  • Bookrunners. Firms the prospectus names as book-running managers; where it names none, the firm it names as sole underwriter or representative of the underwriters. Only the prospectus's own wording counts, not later 8-K reports. Each IPO's gross proceeds are split equally among its bookrunners.
  • Counsel and auditors. Issuer counsel and underwriters' counsel as named in the prospectus's Legal Matters section; the auditor as named in its Experts section. Each is credited with the IPO's full gross proceeds.
  • Unit structure. What one unit consists of, as the prospectus states it: a share with warrants, with rights, with both, or a share alone (shares-only offerings sell no units). Warrants per unit is the fraction of a warrant in each unit; rights are measured as the fraction of a share they convert into per unit.
  • Trust per unit. Dollars placed in the trust account for each unit sold to the public, as the prospectus states it.
  • Time to complete. Months from the IPO closing that the SPAC has to complete its business combination before any extension, as the prospectus states it.
  • Over-allotment. Whether the underwriters bought all, part or none of the over-allotment option, comparing units sold with the base offering and the option.
  • Votes. Shareholder votes to extend a SPAC's deadline or to approve its business combination, as reported in its 8-Ks (Item 5.07), for the SPACs in the IPO statistics only: SPACs that priced before the history start are not included, so votes in the first years under-represent the market. Only redemptions actually paid count: votes on a proposal that failed, or an extension that was approved but never took effect, are left out (redemption requests lapse with them), and a merger vote counts only when the deal closed, and only the last merger vote before the closing, since merger redemptions are paid at closing. Liquidation votes are left out too, as every public share is redeemed by definition.
  • Redemption rate. Public shares redeemed at a vote over public shares outstanding just before it. Shares redeemed are as an 8-K, or failing that the next 10-Q or 10-K, states them. Shares before are as a filing states them, or redeemed plus the shares left after, or carried from the IPO's public shares and earlier votes. The median is the typical vote; the weighted rate divides all shares redeemed by all shares before, the share of public money that left the trusts. A vote counts only when each of these figures is verified or accepted. Votes whose redemption count no filing states, after a search of the SPAC's and the combined company's filings, are counted as not disclosed rather than estimated.
  • Outcomes. Where each SPAC stands as of the snapshot: completed (business combination closed), liquidated (trust returned and redeemed), deal pending (agreement signed, not closed) or searching (no agreement in force). Grouped by the year the SPAC priced its IPO. Awaiting review means its status is still being checked.
  • Closings. Completed business combinations by year of closing. The sector is the SEC's industry code (SIC) of the combined company, grouped into broad sectors; months from IPO run from the prospectus date to the closing.
  • Checking. A SPAC counts only when every required figure is verified (quote found verbatim in the filing and all cross-checks pass) or accepted by a named reviewer.
  • Coverage. 1,077 of the 1,089 SPAC IPOs read are counted; 12 wait on a figure still under review and 11 filings were excluded as not exchange-listed SPAC IPOs.

Compiled from SEC filings with the assistance of AI · figures as of 3 November 2026

For information only. These figures are compiled from SEC filings with the assistance of AI. Although they are checked against those filings, they may contain errors or omissions and have not been audited; where they differ from the filings, the filings prevail. They are not an offer to sell, a solicitation of an offer to buy, or a recommendation of any security. Information about any SPAC is qualified in its entirety by its filings with the SEC, available at www.sec.gov.