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Globa Terra Acquisition Corp. hit the Nasdaq trading floor Wednesday, raising $152 million through its initial public offering, a bold entry into a resurging SPAC market. The Miami-based blank-check firm, represented by Paul Hastings LLP, is setting its sights on transformative deals in agribusiness and the water sector.

The offering priced at $10 per unit, totaling 15.2 million units, and now trades under the symbol GTERU. Freshfields US LLP represented underwriter D. Boral Capital LLC in the offering.

Targeting the Lifelines of Earth: Agriculture and Water

Led by CEO Agustin Tristan Aldave, also the chief of Lexington Capital, Globa Terra plans to leverage its team’s deep sector experience to find a compelling merger target. The firm has 15 months to close a deal or return the IPO funds to investors, per securities filings.

“Our management team has extensive experience in the agribusiness and water sectors, M&A, capital raising and investing capital,” Globa Terra told the U.S. Securities and Exchange Commission. “We believe the depth of our team’s expertise and relationships is a key competitive advantage.”

Aldave previously played a role in the 2023 SPAC merger between Bite Acquisition Co. and Above Food Corp, a plant-based foods retailer.

A Comeback Season for SPACs?

Special-purpose acquisition companies, or SPACs, act as shell entities created for the sole purpose of acquiring a private company and taking it public — sidestepping the traditional IPO route. After facing a post-pandemic downturn, the SPAC market is showing renewed vigor.

So far this year, 71 SPACs have raised more than $14 billion, surpassing the 57 total IPOs in all of 2024, according to SPAC Research. Globa Terra’s launch taps into that fresh wave of investor confidence.

Legal and Structural Backing

Globa Terra is incorporated in the Cayman Islands, with Maples Group advising on related legal matters. The Paul Hastings team, led by partners Gil Savir and Brandon Bortner, with of counsel Ryan Brewer, handled issuer-side legal work.

Freshfields Bruckhaus Deringer, led by partner Paul DeCresce, advised underwriter D. Boral Capital.

As SPACs return to favor and investors chase innovation in essential industries, Globa Terra’s debut could signal the next high-stakes move in sectors tied to sustainability, food security, and water resilience.