NEW YORK (February 20, 2026)—Perkins Coie announced on Friday that it advised Idea Acquisition Corp., a special purpose acquisition company, on its $350 million initial public offering of 35 million units at $10 per unit.
Each unit consists of one Class A ordinary share and one-third of one redeemable warrant, with each whole warrant exercisable to purchase one Class A ordinary share at a price of $11.50 per share. The units are listed on the Nasdaq Stock Market under the ticker symbol IACOU. Once the securities comprising the units begin separate trading, the Class A ordinary shares and warrants are expected to be listed on Nasdaq under the symbols IACO and IACOW, respectively.
The company was formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses. While the company may pursue an initial business combination in any industry, sector, or geographic region, it expects to target opportunities and companies that are operating in the software vertical that leverage large language models or other AI tools.
The Perkins Coie advisory team was led by Corporate Law Partner Elliott Smith and included Counsels Sarah Ross and Jordan Leon, and Associates Tomisin Ogunsanya and Adam Martin.
