Bridgetown Holdings Limited Completes $550 Million Initial Public Offering

Rhea-AI Summary

Bridgetown Holdings Limited announced the successful closing of its initial public offering (IPO) on October 20, 2020, raising $550 million by offering 55 million units at $10 each. This blank check company aims to pursue mergers or acquisitions within Southeast Asia, focusing on technology, financial services, or media sectors. The company’s units began trading on Nasdaq under the ticker symbol ‘BTWNU’ on October 16, 2020. An option for underwriters allows for an additional 8.25 million units to be purchased within 45 days at the IPO price.

Positive

• Raised $550 million from the IPO, indicating strong investor interest.
• Focused strategy targeting technology, financial services, and media sectors in Southeast Asia.
• Ability to expand offering with an additional 8.25 million units if underwriters choose to exercise their option.

Negative

• The blank check structure may introduce uncertainty, as no specific target has been identified yet.
• Potential dilution of shares if additional units are issued.

Hong Kong, Oct. 20, 2020 (GLOBE NEWSWIRE) -- Bridgetown Holdings Limited (the “Company”) today announced the closing of its initial public offering of 55,000,000 units. The offering was priced at $10.00 per unit, resulting in gross proceeds of $550,000,000.

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 Securities LLC and BTIG, LLC acted 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.

The Company’s units began trading on The Nasdaq Capital Market (the “Nasdaq”) on October 16, 2020 under the ticker symbol “BTWNU”. 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.

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 has been made only by means of a prospectus. Copies of the prospectus relating to this offering have been obtainable 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 Company’s search for an initial business combination. 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 IPO date for Bridgetown Holdings Limited and its stock symbol?

Bridgetown Holdings Limited's IPO closed on October 20, 2020, with its stock trading under the symbol 'BTWNU'.

How much did Bridgetown Holdings raise in its IPO?

Bridgetown Holdings raised $550 million in its IPO by offering 55 million units at $10 each.

What sectors is Bridgetown Holdings targeting for its business combination?

Bridgetown Holdings intends to focus on technology, financial services, and media sectors in Southeast Asia.

What is included in each unit of Bridgetown Holdings?

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

What is the exercise price for the warrants included in the units?

The warrants included in the units are exercisable to purchase one Class A ordinary share at a price of $11.50 per share.