Atlantic Coastal Acquisition Corp. Announces Closing of Underwriters’ Full Exercise of Over-Allotment Option and the Separate Trading of Its Shares of Class A Common Stock and Warrants Commencing April 26, 2021

Rhea-AI Summary

Atlantic Coastal Acquisition Corp. has announced the issuance of an additional 4,500,000 units following the full exercise of the underwriters' over-allotment option in its initial public offering. Priced at $10.00 per unit, this issuance generated an extra $45,000,000, raising the total gross proceeds to $345,000,000. Starting April 26, 2021, holders of these units can separately trade the shares of Class A common stock and warrants. The units will continue to trade on Nasdaq under the symbol 'ACAHU.'

Positive

• Generated additional gross proceeds of $45,000,000, boosting total to $345,000,000.
• Opportunity for unit holders to trade Class A common stock and warrants separately, enhancing liquidity.

Negative

• None.

Atlantic Coastal Acquisition Corp. (the “Company”) announced today that it has issued an additional 4,500,000 units pursuant to the full exercise of the underwriters’ over-allotment option in connection with its recently completed initial public offering. The additional issuance was priced at $10.00 per unit, generating additional gross proceeds of $45,000,000 and bringing the total gross proceeds of the initial public offering to $345,000,000.

The Company also announced that, commencing April 26, 2021, holders of the units sold in the Company’s initial public offering may elect to separately trade the shares of the Company’s Class A common stock and warrants included in the units. No fractional warrants will be issued upon separation of the units and only whole warrants will trade. Those units not separated will continue to trade on the Nasdaq Capital Market (“Nasdaq”) under the symbol “ACAHU,” and the shares of Class A common stock and warrants that are separated will trade on Nasdaq under the symbols “ACAH” and “ACAHW,” respectively. Holders of units will need to have their brokers contact Continental Stock Transfer & Trust Company, the Company’s transfer agent, in order to separate the units into shares of Class A common stock and warrants.

The units were initially offered by the Company in an underwritten offering. 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. A registration statement relating to the units and the underlying securities was declared effective by the Securities and Exchange Commission (the “SEC”) on March 3, 2021.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities of the Company, 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. The offering was made only by means of a prospectus, copies of which may be obtained by contacting BTIG, LLC at 65 E 55th Street, New York, NY 10022, or by email at ProspectusDelivery@btig.com.

About Atlantic Coastal Acquisition Corp.

The Company is a newly organized blank check company incorporated in Delaware for the purpose of effecting a merger, capital stock exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses.

Forward-Looking Statements

This press release may include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact included in this press release are forward-looking statements. When used in this press release, words such as “anticipate,” “believe,” “estimate,” “expect,” “intend” and similar expressions, as they relate to us or our management team, identify forward-looking statements. Such forward-looking statements are based on the beliefs of management, as well as assumptions made by, and information currently available to, the Company’s management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors detailed in the Company’s filings with the SEC. All subsequent written or oral forward-looking statements attributable to us or persons acting on our behalf are qualified in their entirety by this paragraph. 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 relating to the Company’s initial public offering filed with the SEC. The Company 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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FAQ

What was the total gross proceeds from Atlantic Coastal Acquisition Corp.'s IPO?

The total gross proceeds from Atlantic Coastal Acquisition Corp.'s IPO are $345,000,000.

When can unit holders trade the shares of Class A common stock and warrants separately?

Unit holders can trade the shares of Class A common stock and warrants separately starting April 26, 2021.

What will be the trading symbols for Class A common stock and warrants?

The Class A common stock will trade under 'ACAH' and warrants under 'ACAHW' on Nasdaq.

How many additional units were issued by Atlantic Coastal Acquisition Corp.?

Atlantic Coastal Acquisition Corp. issued an additional 4,500,000 units.

Who acted as the underwriters for the offering?

BTIG, LLC was the sole book running manager, with Academy Securities, Inc., Loop Capital Markets LLC, and Siebert Williams Shank & Co., LLC as co-managers.