26 Capital Acquisition Corp. Announces Closing of Upsized $275,000,000 Initial Public Offering
January 20 2021 - 12:45PM
26 Capital Acquisition Corp. (NASDAQ: ADERU) (the “Company”)
announced today that it closed its upsized initial public offering
of 27,500,000 units at $10.00 per unit, including 3,500,000 units
issued pursuant to the exercise by the underwriters of their
over-allotment option. The offering was priced at $10.00 per unit,
resulting in gross proceeds of $275,000,000.
The Company’s units are listed on the Nasdaq
Capital Market (“Nasdaq”) and commenced trading under the ticker
symbol “ADERU” on January 15, 2021. Each unit consists of one share
of the Company’s Class A common stock and one-half of one
redeemable warrant, each whole warrant entitling the holder thereof
to purchase one share of Class A common stock at a price of $11.50
per share. Only whole warrants are exercisable and will trade.
Once the securities comprising the units begin separate
trading, the shares of Class A common stock and warrants are
expected to be listed on Nasdaq under the symbols “ADER” and
“ADERW,” respectively.
The Company 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 initial business combination target in any stage of its
corporate evolution or in any industry or sector, it intends to
concentrate its efforts in identifying high quality businesses in
the gaming and gaming technology, branded consumer, lodging and
entertainment, or Internet commerce sectors. The Company is
led by its Chief Executive Officer, Jason Ader, and its Chief
Financial Officer, John Lewis.
Cantor Fitzgerald & Co. acted as the sole
book running manager for the offering.
Of the proceeds received from the consummation
of the initial public offering and a simultaneous private placement
of warrants, $275,000,000 (or $10.00 per unit sold in the public
offering) was placed in the Company’s trust account. An audited
balance sheet of the Company as of January 20, 2021 reflecting
receipt of the proceeds upon consummation of the initial public
offering and the private placement will be included as an exhibit
to a Current Report on Form 8-K to be filed by the Company with the
Securities and Exchange Commission (“SEC”).
The offering was made only by means of a
prospectus. Copies of the prospectus may be obtained from Cantor
Fitzgerald & Co., Attention: Capital Markets, 499 Park Avenue,
5th Floor New York, New York 10022;
Email: prospectus@cantor.com.
Registration statements relating to these
securities have been filed with, and declared effective by, the
Securities and Exchange Commission on January 14, 2021. 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 STATEMENTS
This press release contains statements that
constitute “forward-looking statements,” including with respect to
the initial public offering and search for an initial business
combination. 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 final prospectus 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.
Contacts
Jason AderChief Executive Officer26 Capital Acquisition Corp.
(305) 709-6664info@springowl.com
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