Atlantic Coastal Acquisition Corp. Announces Pricing of $300 Million Initial Public Offering

Rhea-AI Summary

Atlantic Coastal Acquisition Corp. has priced its initial public offering (IPO) of 30,000,000 units at $10.00 per unit. The units will trade on NASDAQ under the symbol ACAHU starting March 4, 2021. Each unit comprises one share of Class A common stock and one-third of a warrant, with whole warrants allowing purchase at $11.50 per share. An additional 4,500,000 units may be purchased by the underwriter within 45 days for overallotments. The offering closes on March 8, 2021, pending standard closing conditions.

Positive

• Pricing of IPO at $10.00 per unit, attracting investor interest.
• Listing under the symbol ACAHU enhances visibility and access for investors.
• Opportunity for underwriters to purchase additional units for over-allotments, potentially increasing demand.

Negative

• No target business combination has been identified, implying uncertainty in future operations.

NEW YORK, March 3, 2021 /PRNewswire/ -- Atlantic Coastal Acquisition Corp. (the "Company"), announced today that it priced its initial public offering of 30,000,000 units at a price of $10.00 per unit. The units will be listed on the NASDAQ Capital Market and trade under the ticker symbol "ACAHU" beginning March 4, 2021. 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 $11.50 per share. 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 NASDAQ Capital Market under the symbols "ACAH" and "ACAHW," respectively.

The Company has granted the underwriter a 45-day option to purchase up to an additional 4,500,000 units at the initial public offering price to cover over-allotments, if any.

The offering is expected to close on March 8, 2021, subject to customary closing conditions.

BTIG, LLC is acting as the sole book running manager for the offering and Academy Securities, Inc., Loop Capital Markets LLC and Siebert Williams Shank & Co., LLC are acting as co-managers of the offering.

The offering is being made only by means of a prospectus. When available, copies of the prospectus may be obtained by contacting 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 became effective on March 3, 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.

Forward-Looking Statements

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. 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 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. 

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. The Company has not selected any business combination target and it has not, nor has anyone on its behalf, initiated any substantive discussions, directly or indirectly, with respect to identifying any business combination target.

 

 

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SOURCE Atlantic Coastal Acquisition Corp.

FAQ

What is the initial public offering price for Atlantic Coastal Acquisition Corp. units?

The IPO price is set at $10.00 per unit.

When will the shares of Atlantic Coastal Acquisition Corp. begin trading?

The shares will begin trading on March 4, 2021.

Under what symbol will Atlantic Coastal Acquisition Corp. trade?

The symbol for trading will be ACAHU on NASDAQ.

What are the components of the units offered in the IPO?

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

What is the price per share for exercising the warrants?

The warrants can be exercised at a price of $11.50 per share.