Counter Press Acquisition Corporation Announces Closing of $86.25 Million Initial Public Offering

Rhea-AI Summary

Counter Press Acquisition Corporation announced the successful closing of its initial public offering, raising $86.25 million through the sale of 8,625,000 units at $10.00 each. This includes the underwriters' full exercise of their over-allotment option. The units, which consist of a Class A ordinary share and a redeemable warrant, began trading on Nasdaq under the ticker symbol CPAQU on February 9, 2022. The company aims to pursue business combinations in the sports, media, and data analytics sectors.

Positive

• Raised $86.25 million from IPO, indicating strong market interest.
• Plans to focus on acquisitions in the sports and media sectors, presenting growth potential.

Negative

• Potential risks associated with future business combinations and market conditions.
• Market uncertainty regarding the effectiveness of the proposed business strategies.

NEW YORK, Feb. 11, 2022 (GLOBE NEWSWIRE) -- Counter Press Acquisition Corporation (the “Company”) today announced the closing of its initial public offering of 8,625,000 units at a price of $10.00 per unit, including 1,125,000 units issued pursuant to the exercise by the underwriters of their over-allotment option in full. The units are listed on The Nasdaq Global Market (“Nasdaq”) and began trading under the ticker symbol “CPAQU” on February 9, 2022. Each unit consists of one share of Class A ordinary share of the Company and one-half of one redeemable warrant with each whole warrant exercisable to purchase one share of Class A ordinary share at a price of $11.50 per share. Once the securities comprising the units begin separate trading, the Class A ordinary shares and warrants are expected to be listed on Nasdaq under the symbols “CPAQ” and “CPAQW,” respectively.

The Company is a blank check company formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. The Company intends to focus its search on businesses in the sports, media and data analytics sectors, with a focus on professional sports businesses. The Company is led by Paul Conway, Chief Executive Officer of the Company, Randy Frankel, Chairman of the Company’s board of directors, Michael Kalt, Chief Financial Officer of the Company, and Andrew Friedman and Julie Uhrman, members of the Company’s board of directors.

BTIG, LLC and EarlyBirdCapital, Inc. acted as joint book-running managers of the offering. The offering was made only by means of a prospectus. Copies of the prospectus may be obtained by contacting BTIG, LLC, 65 East 55th Street, New York, NY 10022, or by e-mail at ProspectusDelivery@btig.com.

A registration statement relating to the securities has been declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on February 8, 2022. 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 proposed initial public offering and the anticipated use of the net proceeds. 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 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.

Contacts

Investors Counter Press Acquisition Corporation
info@counterpressacq.com

FAQ

What is the purpose of Counter Press Acquisition Corporation's IPO?

The IPO aims to raise funds for potential business combinations in the sports, media, and data analytics sectors.

When did Counter Press Acquisition Corporation's units start trading on Nasdaq?

The units began trading on Nasdaq under the ticker CPAQU on February 9, 2022.

How much money did Counter Press Acquisition Corporation raise in its IPO?

The company raised $86.25 million through the sale of 8,625,000 units.

What do the units of Counter Press Acquisition Corporation consist of?

Each unit comprises one share of Class A ordinary share and one-half of one redeemable warrant.

What are the ticker symbols for the shares and warrants of Counter Press Acquisition Corporation?

The Class A ordinary shares will be listed under 'CPAQ' and the warrants under 'CPAQW'.