The Rice Investment Group — the Carnegie-based company owned by members of the Rice family — are going back to the world of special purpose acquisition companies for a third time.
The firm and energy trading firm Mercuria Friday filed a registration statement with the U.S. Securities and Exchange Commission for Rice Acquisition 3, seeking to raise at least $250 million for 25 million units at $10 each. The SPAC would be publicly traded on the New York Stock Exchange with the ticker symbol KRSP.U. RAC 3 would, like the other two successful SPACs, target companies in oil and gas, power generation, energy infrastructure or critical minerals and metals.
A special acquisition corporation is a public company that gains investors who expect the company will acquire either part or all assets from another company, whether it’s public or private. SPACs have short timelines, between 18 and 24 months, and became a popular investment vehicle between 2020 and 2022.
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