Corsair Partnering Corporation Announces Closing of $250 Million Initial Public Offering

Rhea-AI Summary

Corsair Partnering Corporation announced the successful closing of its initial public offering of 25,000,000 units, priced at $10.00 each. This offering, which began trading on the NYSE under the ticker 'CORS.U' on July 1, 2021, includes Class A ordinary shares and warrants. The company aims to engage in partnering transactions, focusing on prominent financial service firms. Additionally, Corsair Capital LLC has committed to purchase up to 10,000,000 units for $100 million in a private placement linked to its initial partnership. The SEC has declared a registration statement effective.

Positive

• Successful IPO closing of 25,000,000 units at $10.00 each.
• Corsair Capital LLC has committed to a $100 million forward purchase agreement, indicating strong confidence in the company's future.

Negative

• Dependence on identifying a suitable partnering transaction, with no assurance that one will be completed.

Corsair Partnering Corporation (the “Company”) today announced the closing of its initial public offering of 25,000,000 units at a price of $10.00 per unit. The units began trading on the New York Stock Exchange (“NYSE”) under the ticker symbol “CORS.U” on July 1, 2021. Each unit consists of one Class A ordinary share and one-third of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one Class A ordinary share at a price of $11.50 per share. Only whole warrants are exercisable. Once the securities comprising the units begin separate trading, the Class A ordinary shares and redeemable warrants are expected to be listed on NYSE under the symbols “CORS” and “CORS WS,” respectively.

The Company was formed for the purpose of identifying a company to partner with in order to effectuate a merger, share exchange, asset acquisition, share purchase, reorganization or similar partnering transaction with one or more businesses, which the Company refers to as a “partnering transaction.” The Company intends to focus on businesses that are market-leading financial or business services franchises and have strong management teams, demonstrated opportunities for continued growth, sustainable and proven unit economics, and present an opportunity to drive value through technology and innovation. In connection with the closing of this offering, an affiliate of Corsair Capital LLC entered into a forward purchase agreement for up to $100,000,000 with the Company, pursuant to which it committed to purchase up to 10,000,000 units (each consisting of one Class A ordinary share and one-third of one warrant to purchase one Class A ordinary share, subject to adjustment) for $10.00 per unit in a private placement to occur in connection with the closing of our initial partnering transaction. The Company is led by D.T. Ignacio Jayanti, Chief Executive Officer, Jeremy S. Schein, President, and Paul Cabral, Chief Financial Officer.

D.T. Ignacio Jayanti and Jeremy S. Schein said, “We look forward to leveraging our transatlantic network and deep expertise across technology-enabled business services to identify and partner with high-quality management teams and their innovative and fast-growing companies.”

Evercore Group L.L.C. and BofA Securities, Inc. acted as the joint book-running managers of the offering. The offering was made only by means of a prospectus. Copies of the prospectus relating to the offering may be obtained from Evercore Group L.L.C., Attn: Equity Capital Markets, 55 East 52nd Street, 36th Floor, New York, NY 10055, by phone at (888) 474-0200, or by email at ecm.prospectus@evercore.com or BofA Securities, Inc., Attn: Prospectus Department, 200 North College Street, 3rd Floor, Charlotte, NC 28255, by phone at (800) 294-1322, or by email at dg.prospectus_requests@bofa.com.

A registration statement relating to the securities has been declared effective by the U.S. Securities and Exchange Commission (the “SEC”). 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.

Forward-Looking Statements

This press release contains statements that constitute “forward-looking statements,” including with respect to the Company’s search for an initial partnering transaction. No assurance can be given that the Company will ultimately complete a partnering transaction. 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 prospectus for the Company’s offering filed with the SEC. Copies of these documents 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210707005556/en/

FAQ

What are the details of Corsair Partnering Corporation's IPO?

Corsair Partnering Corporation closed its IPO by offering 25,000,000 units at $10.00 each, trading under 'CORS.U' on the NYSE.

What is the ticker symbol for Corsair Partnering Corporation?

The ticker symbol for Corsair Partnering Corporation is 'CORS.U'.

What is the purpose of Corsair Partnering Corporation?

The company aims to identify a partner for mergers or similar transactions focusing on financial services.

What is the financial commitment from Corsair Capital LLC?

Corsair Capital LLC has entered a forward purchase agreement to buy up to 10,000,000 units for $100 million.

Are there risks associated with Corsair Partnering Corporation's business model?

Yes, there is a risk as the company relies on successfully identifying a partnering transaction, with no guarantee of completion.