Arctos NorthStar Acquisition Corp. Announces Pricing of $275 Million Initial Public Offering

Rhea-AI Summary

Arctos NorthStar Acquisition Corp. has priced its initial public offering (IPO) of 27,500,000 units at $10.00 each, set to be listed on the NYSE under the ticker symbol ANAC.U starting February 23, 2021. Each unit comprises one Class A ordinary share and a quarter of a redeemable warrant, which allows purchase of a Class A share at $11.50. The offering is anticipated to close on February 25, 2021. Citigroup Global Markets Inc. is the book-running manager, with an option for underwriters to purchase an additional 4,125,000 units. The company will focus on the sports, media, and entertainment sectors.

Positive

• Offering priced at $10.00 per unit indicates investor interest.
• Potential to raise up to $275 million with additional unit option.
• Focus on sports, media, and entertainment sectors may attract significant opportunities.

Negative

• No assurance that the IPO will complete as planned.
• Forward-looking statements subject to numerous conditions, increasing uncertainty.

Arctos NorthStar Acquisition Corp. (the “Company”), a newly incorporated blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses, today announced the pricing of its initial public offering of 27,500,000 units at a price of $10.00 per unit. The units are expected to be listed on the New York Stock Exchange (the “NYSE”) and trade under the ticker symbol “ANAC.U” beginning February 23, 2021. Each unit consists of one Class A ordinary share and one-fourth of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one Class A ordinary share at a price of $11.50 per share, subject to adjustment. Only whole warrants are exercisable. Once the securities comprising the units begin separate trading, the Company expects that the Class A ordinary shares and redeemable warrants will be listed on the NYSE under the symbols “ANAC” and “ANAC WS,” respectively.

The Company is sponsored by Arctos NorthStar Acquisition Holdings, LLC, an affiliate of Arctos Sports Partners (“Arctos”). The Company will be led by Arctos Executive-in-Residence Theo Epstein, Arctos Managing Partner and co-Founder Doc O’Connor and Arctos Managing Partner and co-Founder Ian Charles. While the Company may pursue an initial business combination target in any industry, it currently intends to pursue opportunities in the sports, media and entertainment sectors.

Citigroup Global Markets Inc. is serving as sole book-running manager for the offering. The Company has granted the underwriter a 45-day option to purchase up to an additional 4,125,000 units at the initial public offering price to cover over-allotments, if any.

The offering is expected to close on February 25, 2021, subject to customary closing conditions.

The offering is being made only by means of a prospectus. When available, copies of the prospectus may be obtained from: Citigroup Global Markets Inc., Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717 or by telephone at 800-831-9146.

A registration statement relating to the securities became effective on February 22, 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 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 Company's offering filed with the Securities and Exchange Commission (“SEC”). Copies of these documents 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210222006002/en/

FAQ

What is the ticker symbol for Arctos NorthStar Acquisition Corp.?

The ticker symbol for Arctos NorthStar Acquisition Corp. is ANAC.U.

When is the expected date for the IPO of Arctos NorthStar Acquisition Corp.?

The IPO is expected to be listed on the NYSE on February 23, 2021.

How many units were offered in the IPO of ANACU?

Arctos NorthStar Acquisition Corp. offered 27,500,000 units in its IPO.

What is included in each unit of the IPO for ANAC.U?

Each unit consists of one Class A ordinary share and one-fourth of one redeemable warrant.

What sectors will Arctos NorthStar Acquisition Corp. target for its business combination?

The company intends to pursue opportunities in the sports, media, and entertainment sectors.