Abri SPAC I, Inc. Announces Closing of $50 Million Initial Public Offering

Rhea-AI Summary

Abri SPAC I, Inc. (Nasdaq:ASPAU) has successfully closed its initial public offering, selling 5,000,000 units at $10.00 each, yielding $50 million in gross proceeds. Each unit includes one share of common stock and a warrant to purchase an additional share at $11.50. The units began trading on Nasdaq on August 10, 2021, with plans for separate trading of stocks and warrants under symbols ASPA and ASPAW. The underwriters hold a 45-day option to buy an extra 750,000 units for over-allotments. Funds from the offering will support future business combinations.

Positive

• Successfully raised $50 million in gross proceeds.
• Plans to use offering funds for strategic business combinations.

Negative

• None.

Abri SPAC I, Inc. (the “Company” or “Abri”) (Nasdaq:ASPAU) today announced the closing of its initial public offering of 5,000,000 units. The units were sold at a price of $10.00 per unit, resulting in total gross proceeds of $50,000,000, prior to deducting underwriting discounts, commissions, and other offering expenses. Each unit consists of one share of common stock and one redeemable warrant to purchase one share of common stock at a price of $11.50 per share.

The units began trading on The Nasdaq Capital Market ("Nasdaq") under the ticker symbol "ASPAU" on August 10, 2021. Once the securities comprising the units begin separate trading, the shares of common stock and warrants are expected to be listed on Nasdaq under the symbols “ASPA” and “ASPAW” respectively.

The underwriters have been granted a 45-day option to purchase up to an additional 750,000 units at the initial public offering price to cover over-allotments, if any. Chardan acted as sole book-running manager in the offering.

A registration statement relating to these securities was declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on August 9, 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 a 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 Abri SPAC I, Inc.

Abri is a blank check company formed for the purpose of effecting a business combination with one or more businesses. Although there is no restriction or limitation on what industry or geographic region its target operates in, Abri intends to pursue prospective targets that provide disruptive technological innovation in a range of traditionally managed industries with particular emphasis on the financial services 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 the search for an initial business combination, are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. The Company 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 the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

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FAQ

What are the details of Abri SPAC I's initial public offering?

Abri SPAC I closed its IPO by selling 5,000,000 units at $10 each, totaling $50 million in gross proceeds.

What is included in each unit of Abri SPAC I's offering?

Each unit consists of one share of common stock and one redeemable warrant to purchase another share at $11.50.

When did Abri SPAC I start trading on Nasdaq?

The units began trading on Nasdaq under the ticker symbol ASPAU on August 10, 2021.

What are the expected symbols for Abri SPAC I's common stock and warrants?

The common stock will trade under the symbol ASPA and the warrants under ASPAW.

Did the underwriters have any options during the IPO?

Yes, underwriters have a 45-day option to purchase up to an additional 750,000 units at the initial offering price.