Blockchain Moon Acquisition Corp. Announces Closing of Over-Allotment Option in Connection With Its Initial Public Offering

Rhea-AI Summary

Blockchain Moon Acquisition Corp. (NASDAQ: BMAQU) successfully completed its IPO, raising a total of $115,000,000 by issuing 11,500,000 units at $10.00 each. The underwriters exercised their overallotment option, adding 1,500,000 units to the offering, which contributed an additional $15,000,000 in gross proceeds. Each unit contains one share of common stock and warrants for future purchases. The offering's proceeds are designated for pursuing business combinations in the blockchain sector.

Positive

• Successfully raised a total of $115,000,000 from the IPO.
• The underwriters exercised their overallotment option, indicating strong demand.

Negative

• None.

The total aggregate issuance, including the full overallotment, by the Company of 11,500,000 units at a price of $10.00 per unit resulted in total gross proceeds of $115,000,000.

New York, NY, Oct. 28, 2021 (GLOBE NEWSWIRE) -- (via Blockchain Wire) Blockchain Moon Acquisition Corp. (NASDAQ: BMAQU, the “Company”) announced today that the underwriters in its initial public offering, pursuant to the terms of the underwriting agreement, fully exercised their over-allotment option and, on October 26, 2021, purchased an additional 1,500,000 units pursuant to the overallotment option, generating additional gross proceeds of $15,000,000.  Each unit consists of one share of common stock, one right to receive one-tenth (1/10) of a share of common stock upon the consummation of an initial business combination, and one redeemable warrant to purchase one-half (1/2) of a share of common stock at a price of $11.50 per whole share.

The total aggregate issuance, including the full overallotment, by the Company of 11,500,000 units at a price of $10.00 per unit resulted in total gross proceeds of $115,000,000.  

The units are listed on The Nasdaq Global Market (“Nasdaq”) under the ticker symbol “BMAQU”. Once 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 “BMAQ,” “BMAQR” and “BMAQW,” respectively.

Chardan acted as sole book running manager in the offering.

A registration statement relating to these securities was declared effective by the Securities and Exchange Commission on October 18, 2021. The offering is being 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. 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 Blockchain Moon Acquisition Corp.

Blockchain Moon 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, Blockchain Moon intends to pursue prospective targets that are high growth businesses in blockchain technologies in North America, Europe and Asia.  The proceeds of the offering will be used to fund such business combination. The Blockchain Moon Acquisition Corp team consists of blockchain industry investors and executives including Enzo Villani, Chairman and CEO, Wes Levitt, Chief Financial Officer and board members John Jacobs, Michael Terpin, James Haft and David Shafrir. 

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.

FAQ

What was the total amount raised by Blockchain Moon Acquisition Corp. in its IPO?

Blockchain Moon Acquisition Corp. raised a total of $115,000,000 in its IPO.

How many units did the underwriters purchase as part of the overallotment?

The underwriters purchased an additional 1,500,000 units as part of the overallotment.

What is included in each unit from the IPO?

Each unit consists of one share of common stock, one right to receive one-tenth of a share, and one redeemable warrant.

What are the plans for the proceeds from the IPO?

The proceeds from the IPO will be used to pursue business combinations in high-growth blockchain sectors.

When was the registration statement for the IPO declared effective?

The registration statement relating to the securities was declared effective on October 18, 2021.