Atlantic Coastal Acquisition Corp., a Special Purpose Acquisition Company, Announces Closing of $300,000,000 Initial Public Offering and Listing On NASDAQ
Atlantic Coastal Acquisition Corp. (ACAH) has successfully closed its initial public offering (IPO) of 30 million units at $10.00 per unit, raising a total of $300 million. The units are now traded on Nasdaq under the ticker symbol 'ACAHU'. Each unit comprises one share of Class A common stock and one-third of a warrant, with whole warrants exercisable for one share at $11.50. The company aims to pursue mergers or acquisitions in various sectors. The offering was managed by BTIG, LLC, with co-managers including Academy Securities and Loop Capital Markets.
- Raised $300 million through IPO, providing significant funding for future acquisitions.
- Units listed on Nasdaq under the symbol 'ACAHU', enhancing visibility and credibility.
- Three financial institutions involved as co-managers indicate strong market support.
- None.
NEW YORK, March 8, 2021 /PRNewswire/ -- Atlantic Coastal Acquisition Corp. ("ACAH") today announced the closing of its initial public offering of 30,000,000 units at
Each unit consists of one share of Class A common stock of the Company and one-third of one warrant. Each whole warrant entitles the holder thereof to purchase one share of Class A common stock of the Company at a price of
The Company is a newly incorporated 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. The Company is led by Shahraab Ahmad, Chief Executive Officer, Burt Jordan, President, and Tony Eisenberg, Chief Strategy Officer.
BTIG, LLC acted as the sole book running manager for the offering and Academy Securities, Inc., Loop Capital Markets LLC and Siebert Williams Shank & Co., LLC acted as co-managers of the offering.
The initial public offering was made only by means of a prospectus. Copies of the prospectus relating to the offering may be obtained from BTIG, LLC at 65 E 55th Street, New York, NY 10022, or by email at equitycapitalmarkets@btig.com.
A registration statement relating to the securities sold in the initial public offering has been filed with, and declared effective by, the Securities and Exchange Commission ("SEC") on March 3, 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 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 anticipated use of the net proceeds of the offering. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of ACAH, including those set forth in the Risk Factors section of ACAH's registration statement filed with the SEC. Copies are available on the SEC's website, www.sec.gov. ACAH undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
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