Accelerate Acquisition Corp. Closes $400 Million Initial Public Offering

Rhea-AI Summary

Accelerate Acquisition Corp. has successfully closed its initial public offering, raising $400 million by selling 40 million units at $10 each. The units consist of one share of Class A common stock and one-third of a redeemable warrant, with whole warrants allowing purchase at $11.50 per share. The units will trade on the New York Stock Exchange under ticker symbol AAQC.U, with common stock and warrants expected to trade separately as AAQC and AAQC WS. The offering was managed by UBS Investment Bank.

Positive

• Raised $400 million in IPO funding.
• Units will trade under AAQC.U on NYSE, enhancing visibility.
• Potential for shareholder value with warrants at $11.50 per share.

Negative

• None.

Accelerate Acquisition Corp. (the “Company”), a blank check company led by Robert Nardelli, Michael Simoff and Jeffrey Kaplan and 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 or entities, today announced that it closed its initial public offering of 40,000,000 units at a price of $10.00 per unit. Total gross proceeds from the offering were $400,000,000, before deducting underwriting discounts and commissions and other offering expenses.

The units are listed on the New York Stock Exchange and trade under the ticker symbol “AAQC.U.” Each unit consists of one share of Class A common stock of the Company and one-third of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one share of Class A common stock of the Company at a price of $11.50 per share, subject to adjustment, and only whole warrants are exercisable. Once the securities comprising the units begin separate trading, the shares of Class A common stock and warrants are expected to be listed on the New York Stock Exchange under the symbols “AAQC” and “AAQC WS,” respectively. No fractional warrants will be issued upon separation of the units and only whole warrants will trade.

UBS Investment Bank acted as sole book-running manager for the offering. The offering was made only by means of a prospectus. Copies of the prospectus may be obtained from UBS Securities LLC, Attention: Prospectus Department, 1285 Avenue of the Americas, New York, New York 10019, telephone: (888) 827-7275 or email: ol-prospectusrequest@ubs.com.

A registration statement relating to the securities became effective on March 17, 2021 in accordance with Section 8(a) of the Securities Act of 1933, as amended. 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.

This press release contains statements that constitute “forward-looking statements,” including with respect to the proposed initial public offering and the anticipated use of the net proceeds. 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 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.

For more information, please visit http://www.xlr8ac.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210322005833/en/

FAQ

What is the purpose of Accelerate Acquisition Corp.'s IPO?

The IPO aims to raise capital for potential mergers or acquisitions.

How much capital did Accelerate Acquisition Corp. raise in their IPO?

They raised $400 million by offering 40 million units at $10 each.

When does Accelerate Acquisition Corp. expect to trade its units separately?

The company expects common stock and warrants to trade separately on the NYSE under the symbols AAQC and AAQC WS, respectively.

Who managed Accelerate Acquisition Corp.'s IPO?

The IPO was managed solely by UBS Investment Bank.

What does each unit of Accelerate Acquisition Corp. consist of?

Each unit consists of one share of Class A common stock and one-third of a redeemable warrant.