Arisz Acquisition Corp. Announces Exercise and Closing of Over-Allotment Option in Public Offering

Rhea-AI Summary

Arisz Acquisition Corp. (ARIZ) announced the exercise of an over-allotment option resulting in the issuance of an additional 900,000 units following its initial public offering. The total gross proceeds from the IPO have now reached $69 million. Units began trading on NASDAQ under the ticker symbol "ARIZU" on November 18, 2021. Each unit includes one share of common stock, rights, and a redeemable warrant. The offering was led by Chardan, and proceeds will be used for future business combinations, particularly in the healthcare sector.

Positive

• Total gross proceeds from IPO increased to $69 million.
• Intended focus on healthcare sector may lead to strategic acquisitions.

Negative

• None.

NEW YORK, Nov. 24, 2021 (GLOBE NEWSWIRE) -- Arisz Acquisition Corp. (“ARIZ”) announced today that the underwriters of its previously announced public offering of units have exercised their over-allotment option resulting in the issuance of an additional 900,000 units.

The units began trading on The Nasdaq Global Market (“NASDAQ”) under the ticker symbol “ARIZU” on November 18, 2021. 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. 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.

The over-allotment option was granted in connection with the public offering of 6,000,000 units at a public offering price of $10.00 per unit, which closed on November 22, 2021.

ARIZ had previously announced the closing of its $60 million initial public offering on November 22, 2021. With the exercise and closing of the underwriters' over-allotment option, the total gross proceeds from ARIZ's initial public offering are $69 million.

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

A registration statement relating to these securities was declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on November 17, 2021. 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.

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.

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 anticipated use of the proceeds from the Company’s initial public offering 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 is the total gross proceeds from Arisz Acquisition Corp.'s IPO?

The total gross proceeds from Arisz Acquisition Corp.'s IPO have reached $69 million.

When did Arisz Acquisition Corp. begin trading on NASDAQ?

Arisz Acquisition Corp. began trading on NASDAQ under the ticker symbol 'ARIZU' on November 18, 2021.

What is included in each unit of Arisz Acquisition Corp.?

Each unit includes one share of common stock, one right to receive one-twentieth of a share upon a business combination, and one redeemable warrant.

Who managed the public offering for Arisz Acquisition Corp.?

Chardan acted as the sole book-running manager of Arisz Acquisition Corp.'s public offering.

What will the proceeds from the IPO be used for?

The proceeds from the IPO will be used to fund business combinations, primarily targeting the healthcare industry.