Cascade Acquisition Corp. Announces Pricing of $200,000,000 Initial Public Offering

Rhea-AI Summary

Cascade Acquisition Corp. announced the pricing of its initial public offering (IPO) of 20 million units at $10.00 per unit. The units will trade on the NYSE under the ticker symbol CAS.U starting November 20, 2020. Each unit consists of one share of Class A common stock and one-half of a redeemable warrant, with each whole warrant exercisable at $11.50 per share. The offering is expected to close on November 24, 2020. Credit Suisse and Morgan Stanley are acting as joint book-running managers.

Positive

• Initial public offering of 20 million units at $10.00 each, indicating potential market confidence.
• Units expected to list on NYSE under CAS.U, providing liquidity for investors.
• Focus on financial services for future acquisitions may attract strategic investors.

Negative

• No tangible business operations or revenue reported yet.
• Dependence on market conditions for successful IPO closure.

New York, NY, Nov. 19, 2020 (GLOBE NEWSWIRE) -- Cascade Acquisition Corp. (the “Company”) announced today that it priced its initial public offering of 20,000,000 units, at $10.00 per unit. The units will be listed on the New York Stock Exchange (“NYSE”) and will begin trading on Friday, November 20, 2020, under the ticker symbol “CAS.U.” Each unit consists of one share of the Company’s Class A common stock and one-half of one redeemable warrant, each whole warrant entitling the holder thereof to purchase one share of Class A common stock at a price of $11.50 per share. Only whole warrants are exercisable. No fractional warrants will be issued upon separation of the units and only whole warrants will trade. Once the securities comprising the units begin separate trading, shares of the Class A common stock and warrants are expected to be listed on NYSE under the symbols “CAS” and “CAS.WS,” respectively.

The offering is expected to close on November 24, 2020, subject to customary closing conditions.

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. While the Company may pursue targets in any industry, it intends to focus its search in the financial services industry.

Credit Suisse Securities (USA) LLC. and Morgan Stanley & Co. LLC are acting as joint book-running managers for the offering. Keefe, Bruyette & Woods, Inc. is acting as lead manager for the offering. The Company has granted the underwriters a 45-day option to purchase up to an additional 3,000,000 units at the initial public offering price to cover over-allotments, if any.

The public offering is being made only by means of a prospectus. Copies of the preliminary prospectus relating to the offering and final prospectus, when available, may be obtained from Credit Suisse Securities (USA) LLC by mail: Attention: Prospectus Department, 6933 Louis Stephens Drive, Morrisville, North Carolina 27560, by phone: 1-800-221-1037, by e-mail: usa.prospectus@credit-suisse.com or Morgan Stanley & Co. LLC by mail: Attention: Prospectus Department, 180 Varick Street, Second Floor, New York, NY 10014, by email: prospectus@morganstanley.com.

A registration statement relating to these securities has been filed with, and declared effective by, the Securities and Exchange Commission (“SEC”) on November 19, 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 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 initial public offering and the anticipated use of the net proceeds and with respect to any business combination or acquisition opportunity. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or 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 the Company, including those set forth in the Risk Factors section of the Company’s registration statement and preliminary prospectus for the 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

Jay Levine, Chief Executive Officer
Cascade Acquisition Corp.
1900 Sunset Harbour Dr.
Suite 2102
Miami Beach, Florida 33139

FAQ

What is the IPO price for Cascade Acquisition Corp. units?

The IPO price is set at $10.00 per unit.

When will Cascade Acquisition Corp. start trading on the NYSE?

Trading will begin on November 20, 2020.

What does each unit of Cascade Acquisition Corp. consist of?

Each unit consists of one share of Class A common stock and one-half of one redeemable warrant.

What is the purpose of Cascade Acquisition Corp.'s IPO?

The purpose is to raise funds for potential business combinations, particularly in the financial services sector.

What are the ticker symbols for Cascade Acquisition Corp. after unit separation?

Class A common stock will trade under CAS, and warrants under CAS.WS.