Astro Aerospace Ltd. Sponsors Parsec Capital Acquisition Corp., a SPAC Targeting the Space Economy, Transportation, and Technology Adjacent Industries

Rhea-AI Summary

Astro Aerospace Ltd. (OTCQB: ASDN) has successfully closed its initial public offering of Parsec Capital Acquisition Corp. (NASDAQ: PCXCU), a special-purpose acquisition company (SPAC) sponsored by Astro. Parsec's IPO raised $86,625,000 through the sale of 8,625,000 units at $10.00 each. Each unit comprises one share of Class A common stock and one warrant to purchase additional shares. The management team, led by Patricia Trompeter, aims to target middle-market aerospace, technology, and transportation sectors for future acquisitions.

Positive

• Astro Aerospace successfully sponsored Parsec Capital's IPO, raising $86.625 million.
• The management team has extensive experience in mergers and acquisitions, enhancing credibility.

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• None

Dallas, TX, Oct. 07, 2021 (GLOBE NEWSWIRE) -- Astro Aerospace Ltd. (OTCQB: ASDN) (the "Company" or "Astro") today announced the closing of the initial public offering of Parsec Capital Acquisition Corp. (“Parsec”) (NASDAQ: PCXCU), a special-purpose acquisition company (“SPAC”) the Company has sponsored.  Parsec is the first SPAC sponsored by Astro as a part of its strategy to capitalize on management’s differentiated ability to source and acquire businesses positioned for growth.  

Parsec announced the closing of its upsized initial public offering of 8,625,000 units at a price of $10.00 per unit, resulting in total gross proceeds of $86,625,000. Each unit consisted of one share of Class A common stock and one redeemable warrant. Each warrant entitles the holder thereof to purchase one share of Class A common stock at a price of $11.50 per share. 

"We are excited to offer a SPAC as a new vehicle to add value for our shareholders," said Chairman Bruce Bent. "Astro’s sponsorship exemplifies our belief in the continued growth of our industry and the industries adjacent to it.”

Parsec is led by President and CEO Patricia Trompeter, a veteran business leader with extensive experience in mergers and acquisitions ($20B+), and over 18 years of executive leadership at top tier companies such as GE Capital.  She is joined by Paul Haber, Chairman and Managing Director of Summit Bancorp Inc., bringing over 25 years of capital markets experience including the IPOs of 20 companies.  Parsec is pursuing an initial business combination within the space economy, technology, and transportation industries, leveraging the significant industry expertise of its management team and four independent directors.

"We believe there is significant unrealized value among middle market of the aerospace, technology, and transportation companies,” said Ms. Trompeter. “Over the past year several multi-billion-dollar aerospace businesses have gone public through SPAC transactions, behind each of them exists many more innovative businesses with a strong foundation poised for rapid growth through the capital markets.  Our team is dedicated to realizing this untapped value for our shareholders."

The units are now listed and trading on the Nasdaq Global Market (“Nasdaq”), under the ticker symbol “PCXCU”. Once the securities comprising the units begin separate trading, the shares of Class A common stock and warrants are expected to be listed on Nasdaq under the symbols “PCX” and “PCXCW,” respectively.

EF Hutton, division of Benchmark Investments, LLC, is acting as sole book running manager for the offering. The Company has granted the underwriter a 45-day option to purchase up to an additional 1,125,000 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 prospectus may be obtained, when available, from EF Hutton, division of Benchmark Investments LLC, Attn: Syndicate Department, 590 Madison Ave., 39th Floor, New York, New York 10022, by telephone at (212) 404-7002, by fax at (646) 861-4697, or by email at syndicate@efhuttongroup.com.

About Astro Aerospace Ltd

Astro Aerospace is the developer of the world’s most advanced, autonomous, short haul, eVTOL (Electric Vertical Takeoff and Landing) aerial vehicles.

Our mission is to make self-flying unmanned and manned vehicles available to anyone, at anytime, from anywhere, and to turn this new and exciting aircraft into a mainstream mode of transportation.

Our vision is “Flight Made Easy”.

Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to the sponsorship of Minority Equality Opportunities Acquisition Inc. and its proposed operations and management. The statements contained in this press release that are not statements of historical fact, including, but not limited to, statements identified by the use of terms such as "anticipate," "appear," "believe," "could," "estimate," "expect," "hope," "indicate," "intend," "likely," "may," "might," "plan," "potential," "project," "seek," "should," "will," "would," and other variations or negative expressions of these terms, are all "forward-looking statements" and involve a number of risks and uncertainties. These statements are based on assumptions that management believes are reasonable based on currently available information, and include statements regarding the intent, belief or current expectations of the Company and its management. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performances and are subject to a wide range of external factors, uncertainties, business risks, and other risks identified in filings made by the Company with the Securities and Exchange Commission. Actual results may differ materially from those indicated by such forward-looking statements. The Company expressly disclaims any obligation or undertaking to update or revise any forward-looking statement contained herein to reflect any change in the Company's expectations with regard thereto or any change in events, conditions, or circumstances upon which any statement is based except as required by applicable law and regulations.

No Offer or Solicitation

This communication shall not constitute an offer to sell, the solicitation of an offer to sell or an offer to buy or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

Contact:

Eleanor Mascheroni
917-930-5238

FAQ

What is the significance of Astro Aerospace sponsoring Parsec Capital Acquisition Corp. (ASDN)?

Astro Aerospace's sponsorship of Parsec Capital indicates its commitment to leverage management's expertise to acquire and grow businesses in the aerospace, technology, and transportation sectors.

How much capital was raised in the Parsec Capital IPO?

The Parsec Capital IPO successfully raised $86,625,000 by selling 8,625,000 units at $10.00 each.

Who leads Parsec Capital Acquisition Corp. after the IPO?

Patricia Trompeter, a seasoned business leader with extensive M&A experience, is the President and CEO of Parsec Capital Acquisition Corp.

What are the future plans for Parsec Capital after the IPO?

Post-IPO, Parsec Capital plans to pursue an initial business combination within the aerospace, technology, and transportation industries.

When did Astro Aerospace's Parsec Capital IPO close?

The initial public offering of Parsec Capital Acquisition Corp. closed on October 7, 2021.