Arisz Acquisition Corp. Announces Closing of $60 Million Initial Public Offering

Rhea-AI Summary

Arisz Acquisition Corp. (ARIZ) announced the completion of its initial public offering, successfully selling 6,000,000 units at $10.00 each, resulting in gross proceeds of $60,000,000. The units, which began trading on NASDAQ under the symbol 'ARIZU' on November 18, 2021, consist of one share of common stock, one right to receive a fraction of a share upon a business combination, and a redeemable warrant for additional shares. Chardan was the sole book-running manager, with an option for underwriters to purchase an extra 900,000 units.

Positive

• Total gross proceeds of $60 million from the initial public offering.
• Successful listing on NASDAQ under the symbol 'ARIZU'.
• Potential to pursue business combinations in the healthcare sector.

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• N/A

NEW YORK, Nov. 22, 2021 (GLOBE NEWSWIRE) -- Arisz Acquisition Corp. (“ARIZ”) announced today the closing of its initial public offering of 6,000,000 units. The units were sold at a price of $10.00 per unit, resulting in total gross proceeds of $60,000,000, prior to deducting underwriting discounts, commissions, and other offering expenses. Each unit consists of one share of common stock, one right to receive one-twentieth (1/20) of one share of common stock upon the consummation of an initial business combination, and one redeemable warrant to purchase three-fourths (3/4) of one share of common stock at a price of $11.50 per whole share.

The units began trading on The Nasdaq Global Market (“NASDAQ”) under the ticker symbol “ARIZU” on November 18, 2021. After the securities comprising the units begin separate trading, the shares of common stock, rights and warrants are expected to be listed on NASDAQ under the symbols “ARIZ,” “ARIZR” and “ARIZW,” respectively.

Chardan acted as sole book-running manager of the offering. ARIZ has granted the underwriters a 45-day option to purchase up to an additional 900,000 units at the initial public offering price to cover over-allotments, if any.

A registration statement relating to these securities was declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on November 17, 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.

The offering was made only by means of a prospectus, copies of which may be obtained by contacting Chardan, 17 State Street, 21st Floor, New York, New York 10004, or by calling (646) 465-9001. Copies of the registration statement can be accessed through the SEC’s website at www.sec.gov.

About Arisz Acquisition Corp.

ARIZ is led by founder Echo Hindle-Yang (CEO). ARIZ is a blank check company formed for the purpose of effecting a merger, stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. Although there is no restriction or limitation on what industry or geographic region ARIZ’s target operates in, ARIZ intends to pursue targets in the healthcare industry. The proceeds of the offering will be used to fund such business combination.

Cautionary Note Concerning Forward-Looking Statements

This press release includes forward-looking statements that involve risks and uncertainties. Forward looking statements are statements that are not historical facts. Such forward-looking statements, including with respect to the initial public offering, the anticipated use of the proceeds thereof, and the Company’s search for an initial business combination, are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. ARIZ expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in ARIZ’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

ARIZ Contact:

Echo Hindle-Yang
Chief Executive Officer
Arisz Acquisition Corp.
+1212-845-9945
hindleyang@ariszacquisition.com

FAQ

What was the total gross proceeds from Arisz Acquisition Corp.'s initial public offering?

The total gross proceeds from the offering were $60,000,000.

When did Arisz Acquisition Corp. units begin trading on NASDAQ?

The units began trading on NASDAQ on November 18, 2021.

How many units did Arisz Acquisition Corp. sell in its IPO?

Arisz Acquisition Corp. sold 6,000,000 units in its IPO.

What does each unit consist of in the Arisz Acquisition Corp. IPO?

Each unit consists of one share of common stock, one right to receive a fraction of a share, and one redeemable warrant.

Who was the book-running manager for the Arisz Acquisition Corp. IPO?

Chardan acted as the sole book-running manager for the offering.