Conyers Park III Acquisition Corp. Announces Closing of $350 Million Initial Public Offering

Rhea-AI Summary

Conyers Park III Acquisition Corp. (NASDAQ: CPAAU) has successfully closed its initial public offering (IPO) of 35 million units at $10 each, raising $350 million in gross proceeds. The units began trading on August 10, 2021. Each unit consists of one share of Class A common stock and a third of a warrant, which can be exercised at $11.50 per share. The transaction was underwritten by Deutsche Bank, Goldman Sachs, and J.P. Morgan, who hold an option to buy an additional 5.25 million units for over-allotments. The management team boasts over 75 years of combined experience in creating shareholder value.

Positive

• Successful IPO raises $350 million in gross proceeds.
• Management team has created approximately $50 billion in shareholder value collectively.

Negative

• Potential dilution risk if underwriters exercise option for additional units.

NAPLES, Fla., Aug. 12, 2021 /PRNewswire/ -- Conyers Park III Acquisition Corp. (NASDAQ: CPAAU) (the "Company"), a special purpose acquisition company formed for the purpose of entering into a combination with one or more businesses, today announced the closing of its initial public offering of 35,000,000 units at a price of $10.00 per share. Total gross proceeds from the offering were $350,000,000 before deducting underwriting discounts and commissions and other offering expenses payable by the Company.

The Company's units began trading on the Nasdaq Capital Market under the ticker symbol "CPAAU" on August 10, 2021. Each unit consists of one share of Class A common stock of the Company and one-third of one warrant. Each whole warrant entitles the holder thereof to purchase one share of Class A common stock of the Company 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 listed on the Nasdaq Capital Market under the symbols "CPAA" and "CPAAW," respectively.

The Company's management team is led by James M. Kilts and David J. West, as the Co-Chief Executive Officers, Brian K. Ratzan, as the Chief Financial Officer, and Max Papkov, as the Vice President of Strategy. Mr. Kilts' and Mr. West's careers have centered on identifying and implementing value creation initiatives throughout the consumer industry. They have collectively created approximately $50 billion in shareholder value throughout their combined 75+ year careers in the consumer industry. Mr. Ratzan and Mr. Papkov collectively bring over 35 years of private equity and SPAC investing experience. The deep operating experience of Mr. Kilts and Mr. West complements Mr. Ratzan's and Mr. Papkov's financial and transactional expertise to create a unique team capable of identifying attractive investments and executing deals in the consumer sector. The Company's website is www.conyers-park.com.

Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC served as the underwriters for the offering. The Company has granted the underwriters a 45-day option to purchase up to an additional 5,250,000 units at the initial public offering price to cover over-allotments, if any.

The offering was made only by means of a prospectus. Copies of the final prospectus related to the offering may be obtained from Deutsche Bank Securities Inc., Attn: Prospectus Group, 60 Wall Street, New York, New York 10005, telephone: 800-503-4611 or email: prospectus.cpdg@db.com; Goldman Sachs & Co. LLC, Attn: Prospectus Department, 200 West Street, New York, New York 10282, telephone: 212-902-1171 or email: prospectus-ny@ny.email.gs.com; or J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, telephone: 866-803-9204 or email: prospectus-eq_fi@jpmchase.com.

A registration statement relating to the securities became effective on August 9, 2021 in accordance with Section 8(a) of the Securities Act of 1933, as amended. 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.

Cautionary Note Concerning Forward-Looking Statements

This press release contains statements that constitute "forward-looking statements," including with respect to the anticipated use of the net proceeds. No assurance can be given 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 prospectus for the Company's offering filed with the Securities and Exchange Commission ("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.

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SOURCE Conyers Park III Acquisition Corp.

FAQ

What was Conyers Park III Acquisition Corp.'s IPO date and results?

Conyers Park III Acquisition Corp. closed its IPO on August 12, 2021, raising $350 million with 35 million units sold.

What is the significance of the warrants in the CPAAU IPO?

Each unit includes a third of a warrant that allows the holder to purchase one share of Class A common stock at $11.50.

Who were the underwriters for CPAAU's IPO?

The underwriters for Conyers Park III Acquisition Corp.'s IPO were Deutsche Bank, Goldman Sachs, and J.P. Morgan.

How might the CPAAU IPO impact future shareholder value?

The experience of the management team in creating shareholder value could positively impact future growth and investment opportunities.

Is there a risk of dilution for CPAAU shareholders?

Yes, there is a potential dilution risk if the underwriters exercise their option to purchase additional units.