Ogier's Cayman Corporate team advises AI Infrastructure Acquisition Corp. on US$138 million IPO on NYSE

Ogier's Corporate team in the Cayman Islands has advised AI Infrastructure Acquisition Corp. on its initial public offering on the New York Stock Exchange.

AI Infrastructure Acquisition Corp. (AI Infrastructure) raised US$138 million by selling 13,800,000 units at an offering price of US$10 per unit, which included the full exercise of the underwriters' over-allotment option.

AI Infrastructure is a special purpose acquisition company incorporated in the Cayman Islands and led by Chief Executive Officer Michael Winston and Chief Financial Officer, George Murnane. Its sponsor, AIIA Sponsor Ltd., is a minority-owned subsidiary of Jet.AI Inc. (Nasdaq: JTAI). Jet.AI Inc. is a publicly listed, pure-play artificial intelligence data centre company operating aviation-specific AI software located in Las Vegas, Nevada.

The units were listed on the New York Stock Exchange (NYSE) on 3 October and began trading under the ticker symbol “AIIAU”. Once the securities comprising the units begin separate trading, the Class A ordinary shares and the rights are expected to be traded on the NYSE under the symbols AIIA and AIIAR respectively.

Maxim Group LLC acted as sole book-running manager for the offering.

The Ogier team was led by partner Natalie Bell, assisted by senior associate James O'Sullivan with support from head of the Cayman Corporate team, Bradley Kruger. The team worked alongside US counsel Dykema Gossett PLLC for AI Infrastructure and Loeb & Loeb LLP for the underwriters.