BOA Acquisition Corp. Announces the Separate Trading of Its Class A Common Stock and Warrants, Commencing on March 31, 2021
BOA Acquisition Corp. (NYSE: BOAS.U) announced that holders of its 23 million units sold during the IPO on February 26, 2021, can start trading shares of Class A common stock and warrants separately from March 31, 2021. The units will continue trading under the symbol BOAS.U, while the common stock and warrants will trade under BOAS and BOAS WS, respectively. Holders must contact Continental Stock Transfer & Trust Company to separate the units. The company operates as a blank check entity for business combinations.
- Enablement of separate trading of shares and warrants may enhance liquidity for investors.
- Potential for investors to capitalize on price fluctuations between the common stock and warrants.
- No assurances on the use of net proceeds from the offering.
- High uncertainty regarding the success of finding an initial business combination.
BOA Acquisition Corp. (NYSE:BOAS.U) ("BOAS" or the "Company") announced that holders of the units sold in the Company's initial public offering of 23,000,000 units completed on February 26, 2021 (the "offering") may elect to separately trade the shares of Class A common stock and warrants included in the units commencing on March 31, 2021. Any units not separated will continue to trade on The New York Stock Exchange under the symbol "BOAS.U", and each of the shares of Class A common stock and warrants will separately trade on The New York Stock Exchange under the symbols "BOAS" and "BOAS WS," respectively. No fractional warrants will be issued upon separation of the units and only whole warrants will trade. Holders of units will need to have their broker contact Continental Stock Transfer & Trust Company, the Company's transfer agent, in order to separate the units into shares of Class A common stock and warrants.
The Company is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.
The units were initially offered by the Company in an underwritten offering. BTIG, LLC acted as sole book-running manager and I-Bankers Securities, Inc. acted as co-manager in the offering.
The offering was made only by means of a prospectus, copies of which may be obtained on the U.S. Securities and Exchange Commission website at http://www.sec.gov. Alternatively, copies of the prospectus may be obtained from BTIG, LLC, 65 East 55th Street, New York, NY 10022, or by e-mail at ProspectusDelivery@btig.com.
A registration statement relating to the securities became effective on February 23, 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 an 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 search for an initial business combination. No assurance can be given 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 BOAS, including those set forth in the Risk Factors section of the Company's registration statement for BOAS's initial public offering filed with the Securities and Exchange Commission ("SEC"). Copies are available on the SEC's website, www.sec.gov. BOAS 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/20210331006022/en/
FAQ
What does the separation of units for BOAS.U mean for shareholders?
When can holders of BOAS.U separate their units?
How will the shares and warrants be traded after separation?
What are the implications of the IPO for BOA Acquisition Corp.?
Who managed the initial public offering for BOA Acquisition Corp.?
