Supernova Partners Acquisition Company III, Ltd. (NYSE:STRE.U) announced that it has entered into an agreement for a private placement of 3,500,000 warrants at a price of $2.00 per warrant with existing investor, Supernova Partners III LLC on February 17, 2021. Each whole warrant is exercisable to purchase one Class A ordinary share at $11.50 per whole share exercisable 30 days after the completion of initial business combination and will expire five years after the completion of initial business combination or earlier upon redemption or liquidation. The company will issue additional 375,00 units if over-allotment option is exercised in full making a total of 3,875,000 units in the transaction. The transaction is expected to close with the closing of the offering. The warrants will be non-redeemable and and exercisable on a cashless basis so long as they are held by subscriber or its permitted transferees. The private placement warrants will not be transferable, assignable or salable until 30 days after the completion of initial business combination. There will be no redemption rights or liquidating distributions with respect to warrants, which will expire worthless if fail to consummate an initial business combination within 24 months from the closing of this offering.