Colicity Inc. Announces Pricing of Upsized $300 Million Initial Public Offering

Rhea-AI Summary

Colicity Inc. has announced its initial public offering (IPO) of 30 million units priced at $10.00 each, set to trade on NASDAQ under the ticker symbol COLIU starting February 24, 2021. Each unit comprises one Class A share and one-fifth of a redeemable warrant, with warrants allowing the purchase of an additional Class A share at $11.50. The offering is expected to close by February 26, 2021, and includes an option for underwriters to purchase up to 4.5 million extra units. Colicity targets business combinations in the Technology, Media, and Telecommunications sectors, led by Craig O. McCaw.

Positive

• The IPO pricing at $10.00 per unit is competitive and attractive for investors.
• Targeting businesses within the Technology, Media, and Telecommunications sectors presents significant growth potential.
• Veteran leadership under Craig O. McCaw may enhance investor confidence.

Negative

• The initial public offering may lead to shareholder dilution if underwriters exercise the option for additional units.

Colicity Inc. (the “Company”) announced the pricing today of its initial public offering of 30,000,000 units at a price of $10.00 per unit. The units will be listed on the NASDAQ Stock Market (NASDAQ) and will trade under the ticker symbol “COLIU” beginning on February 24, 2021. Each unit consists of one Class A share and one-fifth of one redeemable warrant, with each whole warrant exercisable to purchase one Class A share at a price of $11.50 per share. Only whole warrants will be exercisable. Once the securities comprising the units begin separate trading, the Class A shares and warrants are expected to be listed on NASDAQ under the symbols “COLI” and “COLIW,” respectively. The offering is expected to close on February 26, 2021.

Colicity Inc. is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses. The Company intends to focus on businesses that operate within the Technology, Media and Telecommunications sectors and is led by veteran communications and technology entrepreneur, Craig O. McCaw, who is Colicity’s Chairman and CEO, and Randy Russell, Colicity’s Chief Investment Officer.

Goldman Sachs & Co. LLC. and PJT Partners LP are the joint book-running managers of the offering. The Company has granted the underwriters a 45-day option to purchase up to an additional 4,500,000 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 February 23, 2021. 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 Goldman Sachs & Co. LLC., Attention: Prospectus Department, 200 West Street, New York, New York 10282, email: prospectus-ny@ny-email.gs.com, or telephone: 1-866-471-2526.

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, https://www.sec.gov/.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210223006257/en/

FAQ

What is the ticker symbol for Colicity Inc.?

Colicity Inc. will trade under the ticker symbol COLIU on NASDAQ.

When does Colicity Inc.'s IPO begin trading?

Colicity Inc.'s IPO is set to begin trading on February 24, 2021.

How many units are being offered in Colicity Inc.'s IPO?

Colicity Inc. is offering 30,000,000 units in its initial public offering.

What is included in each unit of Colicity Inc.'s IPO?

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

What is the exercise price for the warrants associated with Colicity Inc.'s IPO?

The warrants can be exercised to purchase an additional Class A share at a price of $11.50.

Is there an option for additional units in Colicity Inc.'s IPO?

Yes, underwriters have a 45-day option to purchase an additional 4,500,000 units.