Broadstone Acquisition Corp. Announces Closing of IPO Over-Allotment Option

Rhea-AI Summary

Broadstone Acquisition Corp. announced the closing of an additional issuance of 530,301 units during the partial exercise of the underwriters' over-allotment option related to its initial public offering. The units were sold at $10.00 each, generating additional gross proceeds of $5,303,010. This brings the total gross proceeds from the IPO to $305,303,010. Broadstone aims to focus its acquisition efforts on fundamentally sound but stressed businesses in the UK and Europe.

Positive

• Generated additional gross proceeds of $5,303,010, bringing total IPO proceeds to $305,303,010.
• Strategic focus on acquiring fundamentally sound but stressed businesses could lead to future growth opportunities.

Negative

• None.

LONDON, Oct. 15, 2020 /PRNewswire/ -- Broadstone Acquisition Corp. (the "Company") announced yesterday the closing of the issuance of an additional 530,301 units pursuant to the partial exercise of the underwriters' over-allotment option in connection with the Company's initial public offering. The additional units were sold at the initial offering price of $10.00 per unit, generating additional gross proceeds of $5,303,010 to the Company and bringing the total gross proceeds of the initial public offering to $305,303,010.

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.

The offering was made only by means of a prospectus, copies of which may be obtained from Citigroup Global Markets Inc. at c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, or by telephone at (800) 831-9146.

About Broadstone Acquisition Corp.

Broadstone Acquisition Corp. is a blank check company incorporated for the purpose of effecting a merger, 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 business or industry, the Company intends to focus its search on fundamentally sound but stressed businesses in the UK and Europe.

Cautionary Note Concerning Forward-Looking Statements

This press release contains statements that constitute "forward-looking statements." 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 prospectus for the Company's initial public offering filed with the U.S. Securities and Exchange Commission (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.

Contact

Broadstone Acquisition Corp.
7 Portman Mews South
Marylebone, London W1H 6AY, United Kingdom
Attn: Iain Dey
+44 (0) 7976 295906
E-mail: Broadstone@edelman.com

 

 

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SOURCE Broadstone Acquisition Corp.

FAQ

What was the additional fundraising amount for Broadstone Acquisition Corp. from the IPO?

Broadstone Acquisition Corp. raised an additional $5,303,010 from the issuance of 530,301 additional units during the IPO.

What are the total proceeds from Broadstone Acquisition Corp.'s initial public offering?

The total proceeds from Broadstone Acquisition Corp.'s IPO reached $305,303,010.

What is the strategic focus of Broadstone Acquisition Corp.?

Broadstone Acquisition Corp. intends to focus on acquiring fundamentally sound but stressed businesses in the UK and Europe.