Cascadia Acquisition Corp. Announces Closing of $150 Million Initial Public Offering

Rhea-AI Summary

Cascadia Acquisition Corp. (Nasdaq: CCAI) has successfully closed its initial public offering, issuing 15,000,000 units at $10.00 each, resulting in gross proceeds of $150,000,000. The units started trading on August 26, 2021, under the ticker symbol 'CCAIU,' with each unit comprising one share of Class A common stock and a half warrant. The full warrants allow purchase of additional shares at $11.50 each. Cantor Fitzgerald & Co. served as the sole book-running manager for the offering. The company aims to pursue mergers, acquisitions, or similar business combinations within technologically advancing industries.

Positive

• Raised $150,000,000 from IPO, providing substantial capital for future investments.
• Units began trading on Nasdaq, enhancing visibility and market access.
• Strategic focus on advanced technologies, including robotics and AI, positions the company for growth.

Negative

• None.

SEATTLE--(BUSINESS WIRE)-- Cascadia Acquisition Corp. (Nasdaq: CCAI, the “Company”) announced today that it closed its initial public offering of 15,000,000 units at a price to the public of $10.00 per unit. This resulted in gross proceeds for the Company of $150,000,000.

The Company’s units commenced trading on August 26, 2021 on Nasdaq Global Market (“Nasdaq”) under the ticker symbol "CCAIU." Each unit consists of one share of Class A common stock and one-half of one warrant, each whole warrant entitling the holder to purchase one share of Class A common stock at a price of $11.50 per share. Once the securities comprising the units begin separate trading, the shares of Class A common stock and warrants are expected to be traded on Nasdaq under the symbols "CCAI" and "CCAIW," respectively. No fractional warrants will be issued upon separation of the units and only whole warrants will trade.

Cantor Fitzgerald & Co. acted as the sole book-running manager of the offering.

A registration statement relating to these securities was declared effective by the Securities and Exchange Commission on August 25, 2021. The offering was made only by means of a prospectus, copies of which may be obtained by contacting Cantor Fitzgerald & Co., Attention Capital Markets, 499 Park Avenue, New York, NY 10022, or by e-mail at prospectus@cantor.com.

This press release shall not constitute an offer to sell or a 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.

About Cascadia Acquisition Corp.

Cascadia Acquisition Corp. is a special purpose acquisition company formed for the purpose of effecting a merger, stock purchase or similar business combination with one or more businesses. The Company is sponsored by an affiliate of Cascadia Capital, a financial advisor to entrepreneurs, boards of directors and business owners. The Company intends to concentrate on sourcing business combination opportunities in industry sectors that are being fundamentally reshaped by the introduction of advanced technologies, commonly referred to as “Industry 4.0,” especially the area of robotics, automation and artificial intelligence, as well as energy transition.

Forward-Looking Statements

This press release includes forward-looking statements that involve risks and uncertainties. Forward looking statements are statements that are not historical facts. Such forward-looking statements, including with respect to the search for an initial business combination, are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210830005579/en/

Jamie Boyd

Chief Executive Officer

Cascadia Acquisition Corp.

T: +1 206 436 2550

jboyd@cascadiaacquisitioncorp.com

Source: Cascadia Acquisition Corp.

FAQ

What is the significance of Cascadia Acquisition Corp.'s IPO?

Cascadia Acquisition Corp.'s IPO raised $150 million, enabling the company to pursue strategic mergers and acquisitions in advanced technology sectors.

When did Cascadia Acquisition Corp. begin trading on Nasdaq?

Cascadia Acquisition Corp. commenced trading on Nasdaq on August 26, 2021, under the ticker symbol 'CCAIU.'

What does the unit for Cascadia Acquisition Corp. consist of?

Each unit of Cascadia Acquisition Corp. consists of one share of Class A common stock and one-half of one warrant.

What is the exercise price for the warrants issued by Cascadia Acquisition Corp.?

The exercise price for the warrants issued by Cascadia Acquisition Corp. is $11.50 per share.

Who managed the initial public offering for Cascadia Acquisition Corp.?

Cantor Fitzgerald & Co. acted as the sole book-running manager for Cascadia Acquisition Corp.'s IPO.