AF Acquisition Corp. Announces Pricing of $200,000,000 Initial Public Offering

Rhea-AI Summary

AF Acquisition Corp. has priced its initial public offering (IPO) of 20,000,000 units at $10.00 per unit, targeting a range of sectors including food, health, beauty, and wellness. The units will trade on the Nasdaq under the symbol AFAQU starting March 19, 2021. Each unit comprises one share of Class A common stock and one-third of a redeemable warrant, with the latter allowing the purchase of additional shares at $11.50. The offering is set to close on March 23, 2021, subject to standard conditions. Cowen and Company is the book-running manager for the offering.

Positive

• The IPO pricing at $10.00 per unit positions the company for strong initial capital.
• Targeting diverse and growth-oriented industries can enhance long-term revenue potential.
• The opportunity to raise an additional $30 million through over-allotments increases financial flexibility.

Negative

• The reliance on forward-looking statements introduces uncertainty regarding the IPO's completion and future use of proceeds.

PALM BEACH, Fla., March 18, 2021 /PRNewswire/ -- AF Acquisition Corp. (the "Company"), a 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, announced today that it priced its initial public offering of 20,000,000 units at $10.00 per unit. While the Company may pursue an initial business combination target in any business or industry, it intends to focus its search on companies in the food and beverage, health and wellness, beauty, personal care and pet industries. The Company is led by Chief Executive Officer, Jordan Gaspar, Chief Financial Officer, Christopher Bradley and President and Chairman of the Board, Andrew Scharf.

The units will be listed on the Nasdaq Stock Market (the "Nasdaq") and will begin trading tomorrow, March 19, 2021, under the ticker symbol "AFAQU." Each unit consists of one share of the Company's Class A common stock and one-third of one redeemable warrant, with each whole warrant entitling the holder thereof to purchase one share of Class A common stock at a price of $11.50 per share. No fractional warrants will be issued upon separation of the units and only whole warrants will trade. 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 under the symbols "AFAQ" and "AFAQW," respectively.

The offering is expected to close on March 23, 2021, subject to customary closing conditions.

Cowen and Company, LLC is acting as the book-running manager for the offering. The Company has granted the underwriter a 45-day option to purchase up to an additional 3,000,000 units at the initial public offering price to cover over-allotments, if any.

The offering is being made only by means of a prospectus. Copies of the preliminary prospectus relating to the offering and final prospectus, when available, may be obtained from Cowen and Company, LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY, 11717, Attn: Prospectus Department, email postSaleManualRequests@broadridge.com, telephone: 833-297-2926.

A registration statement relating to these securities has been filed with, and declared effective by, the Securities and Exchange Commission ("SEC") on March 18, 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 an 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 initial public offering and the anticipated use of the net proceeds thereof. 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 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

Prosek Partners
Forrest Gitlin
fgitlin@prosek.com

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SOURCE AF Acquisition Corp.

FAQ

What is AF Acquisition Corp.'s IPO pricing date?

The IPO pricing date was announced on March 18, 2021.

When will AF Acquisition Corp. start trading on Nasdaq?

AF Acquisition Corp. will begin trading on Nasdaq under the ticker symbol AFAQU on March 19, 2021.

What industries does AF Acquisition Corp. plan to target?

AF Acquisition Corp. plans to focus on the food and beverage, health and wellness, beauty, personal care, and pet industries.

What is the total value of the units offered in the IPO?

The total value of the units offered in the IPO is $200 million, with each unit priced at $10.00.

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

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