ACKRELL SPAC PARTNERS I CO. ANNOUNCES THE PRICING OF UPSIZED $120 MILLION INITIAL PUBLIC OFFERING
December 21 2020 - 12:29PM
Ackrell SPAC Partners I Co. (“Ackrell” or the “Company”) (NASDAQ:
ACKIU) announced today that it priced its upsized initial public
offering of 12,000,000 units, at $10.00 per unit. The units will be
listed on the NASDAQ Capital Market (“NASDAQ”) and will begin
trading today, December 21, 2020, under the ticker symbol “ACKIU.”
Each unit consists of one subunit and one-half of a redeemable
warrant. Each subunit consists of one share of the Company’s
common stock and one-half of a redeemable warrant.
Each full warrant entitles the holder thereof to
purchase one share of common stock at a price of $11.50 per share.
Once the securities comprising the units begin separate trading,
the subunits and warrants are expected to be listed on NASDAQ under
the symbols “ACKIT” and “ACKIW,” respectively. Assuming the
Company consummates an initial business combination, the subunits
will separate into the underlying shares of common stock and
warrants and the units and subunits will cease to trade.
The offering is expected to close on December
23, 2020, subject to customary closing conditions.
Ackrell is a blank check company formed for the
purpose of effecting a merger, capital stock exchange, asset
acquisition, stock purchase, reorganization or similar business
combination with one or more businesses. While the Company may
pursue an acquisition in any business industry or sector, it
intends to concentrate its efforts on identifying businesses in the
branded fast-moving consumer goods industry. The Company is led by
Chairman Michael Ackrell, Vice Chairman Shannon Soqui, Chief
Executive Officer Jason Roth, Chief Operating Officer &
President Stephen Cannon, and Chief Financial Officer Long
Long.
EarlyBirdCapital, Inc. is acting as sole
book-running manager of the offering and I-Bankers Securities, Inc.
is acting as co-manager of the offering. The Company has granted
the underwriters a 45-day option to purchase up to an additional
1,800,000 units at the initial public offering price to cover
over-allotments, if any.
The offering is being made only by means of a
prospectus. Copies of the preliminary prospectus relating to the
offering and final prospectus, when available, may be obtained from
EarlyBirdCapital, Inc., Attn: Syndicate Department, 366 Madison
Avenue, 8th Floor, New York, New York 10017.
A registration statement relating to these
securities has been filed with, and declared effective by, the
Securities and Exchange Commission (“SEC”) on December 21, 2020.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of
these securities in any state or jurisdiction in which such an
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such state or
jurisdiction.
FORWARD-LOOKING STATEMENTSThis
press release contains statements that constitute “forward-looking
statements,” including with respect to the initial public offering
and the search for an initial business combination. No assurance
can be given that the offering discussed above will be completed on
the terms described, or at all, or that the net proceeds of the
offering will be used as indicated. Forward-looking statements are
subject to numerous conditions, many of which are beyond the
control of the Company, including those set forth in the Risk
Factors section of the Company’s registration statement for the
offering filed with the SEC. Copies are available on the SEC’s
website, www.sec.gov. The Company undertakes no obligation to
update these statements for revisions or changes after the date of
this release, except as required by law.
Investor Contact:Ackrell SPAC Partners I Co.(650)
560-4753Info@ackrellspac.com
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