Crixus BH3 Acquisition Company Completes $230 Million Initial Public Offering

Rhea-AI Summary

Crixus BH3 Acquisition Company announced the successful closing of its initial public offering (IPO) on October 7, 2021, raising $230 million. The IPO involved 23 million units, including 3 million units from an over-allotment option, priced at $10.00 each. The units consist of one share of Class A common stock and one-half of a redeemable warrant, with warrants set to trade under the symbol BHACW. The company plans to focus on mergers within real estate, construction, and infrastructure sectors.

Positive

• Raised $230 million through IPO
• Completed offering with strong investor interest
• Strategic focus on real estate and infrastructure sectors

Negative

• None.

FORT LAUDERDALE, Fla., Oct. 7, 2021 /PRNewswire/ --Crixus BH3 Acquisition Company (the "Company"), a blank check company formed for the purpose of entering into a combination with one or more businesses or entities, announced today the closing of its initial public offering of 23,000,000 units, which includes 3,000,000 units issued pursuant to the full exercise by the underwriters of their over-allotment option, at a price of $10.00 per unit. The units have been listed on the Nasdaq Global Market (the "Nasdaq") and have started trading under the ticker symbol "BHACU." Each unit issued in the offering consists of one share of the Company's Class A common stock and one-half of one redeemable warrant of the Company. Each whole warrant entitles the holder thereof to purchase one share of the Company's Class A common stock at a price of $11.50 per share, subject to adjustment. Once the securities comprising the units begin separate trading, the Class A common stock and warrants are expected to be listed on Nasdaq under the symbols "BHAC" and "BHACW," respectively.

Guggenheim Securities, LLC and BTIG, LLC are acting as the joint bookrunners for the offering.

The offering is being made only by means of a prospectus. Copies of the prospectus may be obtained for free by visiting EDGAR on the Securities and Exchange Commission ("SEC")'s website at www.sec.gov. Alternatively, copies of the prospectus may be obtained, when available, from Guggenheim Securities, LLC, Attn: Equity Syndicate, telephone: (212) 518-9544 or email: GSEquityProspectusDelivery@guggenheimpartners.com or BTIG, LLC, 65 East 55th Street, New York, New York 10022, or email: ProspectusDelivery@btig.com.

Crixus BH3 Acquisition Company, led by Co-CEOs Gregory Freedman and Daniel Lebensohn, is incorporated as a Delaware corporation for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with a target company that derives a significant portion of its revenues from real estate, construction, and infrastructure related activities. For more information about Crixus BH3 Acquisition Company: www.bh3ac.com.  

A registration statement relating to these securities has been declared effective by the Securities and Exchange Commission ("SEC") on October 4, 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.

Forward-Looking Statements

This press release contains statements that constitute "forward-looking statements," including with respect to the proposed initial public offering and the anticipated use of the net proceeds. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or that the net 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 and preliminary prospectus for the Company's 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.

For more information, please contact:
BHAC Investor Relations
investorrelations@bh3ac.com 
(954) 416-3140

 

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SOURCE Crixus BH3 Acquisition Company

FAQ

What is the significance of Crixus BH3 Acquisition Company's IPO on October 7, 2021?

The IPO raised $230 million, allowing the company to pursue significant mergers and acquisitions in real estate and infrastructure.

How many units were offered in the Crixus BH3 Acquisition Company IPO?

Crixus BH3 Acquisition Company offered a total of 23 million units in its IPO.

What does each unit in the Crixus BH3 Acquisition Company IPO consist of?

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

What is the trading symbol for Crixus BH3 Acquisition Company's common stock?

The common stock trades under the symbol BHAC on the Nasdaq.

When did Crixus BH3 Acquisition Company's registration statement become effective?

The registration statement became effective on October 4, 2021.