Bridgetown Holdings Limited Announces Pricing of $550 Million Initial Public Offering

Rhea-AI Summary

Bridgetown Holdings Limited announced the pricing of its initial public offering (IPO) of 55,000,000 units at $10.00 each, under the ticker symbol BTWNU. Trading on Nasdaq begins on October 16, 2020, with the offering expected to close on October 20, 2020. Each unit comprises one Class A share and one-third of a redeemable warrant, with the whole warrant exercisable at $11.50 per share. The company is focused on mergers in technology, financial services, or media sectors in Southeast Asia. UBS Investment Bank and BTIG, LLC are joint-book running managers for the offering.

Positive

• Pricing of IPO at $10.00 per unit indicates strong market interest.
• Focus on high-potential sectors like technology and financial services in Southeast Asia.

Negative

• Potential dilution for existing shareholders with the issuance of new units.
• Market uncertainty regarding successful execution of proposed business combinations.

Hong Kong, Oct. 16, 2020 (GLOBE NEWSWIRE) -- Bridgetown Holdings Limited (the “Company”) announced today the pricing of its initial public offering of 55,000,000 units at a price of $10.00 per unit. The units will be listed on The Nasdaq Capital Market (the “Nasdaq”) and trade under the ticker symbol “BTWNU” beginning on October 16, 2020. Each unit consists of one Class A ordinary share and one-third of one redeemable warrant, with each whole warrant exercisable to purchase one Class A ordinary share at a price of $11.50 per share. After the securities comprising the units begin separate trading, the Class A ordinary shares and warrants are expected to be listed on Nasdaq under the symbols “BTWN” and “BTWNW,” respectively. The offering is expected to close on October 20, 2020.

Bridgetown Holdings Limited 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 a business combination target in any business or industry, the Company intends to focus on a target with operations or prospective operations in the technology, financial services, or media sectors in Southeast Asia. The Company is led by Chief Executive Officer and Chief Financial Officer, Daniel Wong, and Chairman Matt Danzeisen.

UBS Investment Bank and BTIG, LLC are acting as joint-book running managers of the offering. The Company has granted the underwriters a 45-day option to purchase up to an additional 8,250,000 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 October 15, 2020. 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 is being made only by means of a prospectus. When available, copies of the prospectus relating to this offering may be obtained from UBS Securities LLC, Attn: Prospectus Department, 1285 Avenue of the Americas, New York, NY 10019, or by telephone at (888) 827-7275, or by e-mail at olprospectusrequest@ubs.com; or BTIG, LLC, 65 East 55th Street, New York, NY 10022, or by e-mail at equitycapitalmarkets@btig.com.

Cautionary Note Concerning 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.

Contact
Karin Wong
+852-9755-6265
Karin.Wong@pcg-group.com 

FAQ

What is the offering price and size for Bridgetown Holdings Limited's IPO?

Bridgetown Holdings Limited's IPO is priced at $10.00 per unit, with a total size of 55,000,000 units.

When will trading for Bridgetown Holdings Limited (BTWNU) begin?

Trading for Bridgetown Holdings Limited under the ticker symbol BTWNU begins on October 16, 2020.

What is included in each unit for the IPO of Bridgetown Holdings Limited?

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

What are the future trading symbols for Bridgetown Holdings Limited's shares?

After separate trading begins, the Class A shares are expected to trade under the symbol BTWN and the warrants under BTWNW.

How does Bridgetown Holdings Limited plan to use the IPO proceeds?

The proceeds are intended for pursuing a merger or acquisition in Southeast Asia, focusing on technology, financial services, or media sectors.