Industrial Tech Acquisitions, Inc. Announces Pricing of $75.0 Million Initial Public Offering
September 08 2020 - 8:42PM
Industrial Tech Acquisitions, Inc. (NASDAQ:ITACU) (“Industrial Tech
Acquisitions” or the “Company”), a company formed for the purpose
of effecting a merger, share exchange, asset acquisition, share
purchase, reorganization or similar business combination with one
or more businesses or entities, today announced the pricing of its
initial public offering (“IPO”) of 7,500,000 units at a price to
the public of $10.00 per unit. The units are expected to be
listed on The NASDAQ Capital Market (“NASDAQ”) under the symbol
“ITACU” beginning September 9, 2020. Each unit issued in the IPO
consists of one share of Class A common stock and one warrant to
acquire one share of Class A common stock at an exercise price of
$11.50 per share. Once the securities comprising the units begin
separate trading, the shares of Class A common stock and warrants
are expected to be traded on NASDAQ under the symbols “ITAC” and
“ITACW”, respectively.
Maxim Group LLC is acting as sole book-running
manager for the IPO. The Company has granted the underwriters a
45-day option to purchase up to 1,125,000 additional units at the
initial public offering price to cover over-allotments, if any.
A registration statement relating to the
securities was declared effective by the SEC on September 8, 2020.
The offering is being made only by means of a prospectus,
copies of which may be obtained by contacting Maxim Group LLC, 405
Lexington Avenue, New York, New York 10174. Copies of the
registration statement can be accessed through the SEC's website at
www.sec.gov.
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 offer, solicitation, or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction.
ABOUT INDUSTRIAL TECH ACQUISITIONS,
INC.
Industrial Tech Acquisitions, Inc. is a blank
check company, also commonly referred to as a Special Purpose
Acquisition Company, or SPAC, formed for the purpose of effecting a
merger, share exchange, asset acquisition, share purchase,
reorganization or similar business combination with one or more
businesses or entities. The Company’s efforts to identify a target
business will not be limited to a particular industry or geographic
region, although it intends to focus its search on target
businesses in North America operating in the industrial focused
technology areas including software, mobile and Internet of Things
(“IoT”) applications, cloud communications and ultra-high bandwidth
services, including LTE and 5G communications.
FORWARD LOOKING STATEMENTS
This press release contains statements that
constitute “forward-looking statements,” including with respect to
the proposed IPO and the anticipated use of the net proceeds. 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 and
preliminary prospectus for the Company's offering filed with the
Securities and Exchange Commission (“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.
CONTACT:
E. Scott CristIndustrial Tech Acquisitions, Inc.713-599-1300
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