Wato Metals acquisition files for $100M SPAC IPO

Metals Acquisition Corp. II, a Cayman Islands-based blank check company, has filed for a $230 million SPAC IPO, raising more than the initially targeted $200 million. The company priced its IPO on March 13, 2026, with 23 million units sold at $10.00 per unit, including full exercise of over-allotment option for 3 million additional units. Each unit consists of one Class A ordinary share and one-third of one redeemable warrant, with each whole warrant exercisable for one share at $11.50.

The IPO was managed by Cohen & Company Capital Markets, with the underwriters also purchasing a portion of the Private Placement Warrants. The company raised $7.6 million from the sale of these warrants, which were sold to the sponsor and other underwriters. The total proceeds from the IPO and private placement were placed into a trust account, with $230 million allocated for a future business combination.

The company’s focus is on the natural resources value chain, with emphasis on metals and mining businesses in stable jurisdictions. It has 24 months from IPO closing to complete a business combination. If no deal is finalized within this period, the company may seek shareholder approval to extend the timeline.

The IPO’s financial structure includes a deferred underwriting fee of $9.2 million, which will be payable upon the completion of a business combination. The company’s balance sheet as of March 13, 2026, shows $230 million in cash held in the trust account and $2.35 million in current assets. The company has no operating revenue and is currently focused on identifying a suitable acquisition target.

The SPAC’s shares and warrants are listed on the New York Stock Exchange under the symbols MTAL and MTAL WS, respectively. The company’s management has broad discretion in allocating the IPO proceeds but is expected to use the funds primarily for a business combination.