Battery Future Acquisition Corp. Announces Pricing of Upsized $300 Million Initial Public Offering

Rhea-AI Summary

Battery Future Acquisition Corp. has announced the pricing of its initial public offering (IPO) at $10.00 per unit, totaling 30,000,000 units. The offering, expected to list on the NYSE under the ticker symbol 'BFAC.U' on December 15, 2021, comprises one Class A ordinary share and a half warrant. Each warrant can be exercised for one share at $11.50. The IPO is scheduled to close on December 17, 2021. The company aims to merge with businesses in the battery value chain, excluding China. Underwriters may purchase an additional 4,500,000 units to cover over-allotments.

Positive

• Pricing of the IPO at $10.00 per unit indicates strong market demand.
• Intended focus on the battery value chain aligns with increasing electrification trends.

Negative

• The company faces risks inherent in finding a suitable merger or acquisition target.
• Forward-looking statements highlight uncertainty regarding the IPO's completion and use of proceeds.

MIAMI--(BUSINESS WIRE)-- Battery Future Acquisition Corp. (the “Company”) today announced the pricing of its initial public offering of 30,000,000 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 “BFAC.U” beginning on December 15, 2021. Each unit consists of one Class A ordinary share and one-half of one redeemable warrant, with each whole warrant exercisable to purchase one Class A ordinary share at a price of $11.50 per share. Once the securities comprising the units begin separate trading, the Class A ordinary shares and warrants are expected to be listed on the NYSE under the symbols “BFAC” and “BFAC.WS,” respectively. The offering is expected to close on December 17, 2021, subject to customary closing conditions.

The Company is a blank check company whose business purpose is to effect a merger, capital share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. While the Company may pursue an initial business combination target in any industry or geographic region (excluding China), the Company intends to focus its search on industries spearheading the shift from fossil fuels to electrification, including companies in the battery value chain from the mine site to end user to after-life battery and component recycling.

Cantor Fitzgerald & Co. is acting as the sole bookrunner, and Roth Capital Partners is acting as the co-manager for the offering. The Company has granted the underwriters a 45-day option to purchase up to an additional 4,500,000 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 December 14, 2021. The offering is being made only by means of a prospectus. When available, copies of the prospectus relating to the offering may be obtained from Cantor Fitzgerald & Co., 499 Park Avenue, 5^th Floor, New York, New York 10022, Attn: Capital Markets, or by email at prospectus@cantor.com. 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.

Forward Looking Statements

This press release contains statements that constitute “forward-looking statements,” including with respect to the initial public offering and search for an initial business combination. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or that the 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 for the initial public offering filed with the SEC. Copies 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/20211214006385/en/

Battery Future Acquisition Corp.

(347) 417-4062

Media:

Gasthalter & Co.

Jonathan Gasthalter/Kevin FitzGerald

(212) 257-4170

Source: Battery Future Acquisition Corp.

FAQ

What is the offering size for Battery Future Acquisition Corp. IPO?

The offering size is 30,000,000 units, priced at $10.00 each.

When will Battery Future Acquisition Corp. start trading on the NYSE?

The trading is expected to begin on December 15, 2021.

What is the ticker symbol for Battery Future Acquisition Corp.?

The ticker symbol is BFAC.U.

What does each unit in the IPO consist of?

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

What is the purpose of Battery Future Acquisition Corp.?

The company aims to merge with businesses in the battery value chain.