Cohn Robbins Holdings Corp. Announces Pricing of Upsized $720 Million Initial Public Offering

Rhea-AI Summary

Cohn Robbins Holdings Corp. announced the pricing of its initial public offering (IPO) of 72,000,000 units at $10.00 each. Trading under the ticker symbol CRHC.U, the units will commence on September 9, 2020. Each unit includes one Class A ordinary share and one-third of a redeemable warrant, with whole warrants priced at $11.50 per share. The offering is expected to close on September 11, 2020, subject to customary conditions. Credit Suisse is the sole book-running manager and has a 45-day option to purchase up to an additional 10,350,000 units.

Positive

• Initial public offering of 72,000,000 units priced at $10.00 each, providing substantial capital.
• Opportunity for investors to acquire redeemable warrants, potentially enhancing share value.

Negative

• Market uncertainty around the completion of the offering as stated in forward-looking statements.
• Potential for dilution if underwriter exercises the option to purchase additional units.

WILMINGTON, Del., Sept. 08, 2020 (GLOBE NEWSWIRE) -- Cohn Robbins Holdings Corp. (the “Company”) announced today that it priced its initial public offering of 72,000,000 units at $10.00 per unit. The units will be listed on the New York Stock Exchange (the “NYSE”) and trade under the ticker symbol “CRHC.U” beginning September 9, 2020. 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 the NYSE under the symbols “CRHC” and “CRHC WS,” respectively.

The Company 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.

Credit Suisse is acting as sole book-running manager. The Company has granted the underwriter a 45-day option to purchase up to an additional 10,350,000 units at the initial public offering price to cover over-allotments, if any.

The offering is being made only by means of a prospectus. When available, copies of the prospectus may be obtained from Credit Suisse, Attn: Prospectus Department, 6933 Louis Stephens Drive, Morrisville, NC 27560, Telephone: 1-800-221-1037, Email: usa.prospectus@credit-suisse.com.

Registration statements relating to the securities became effective on September 8, 2020. 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 expected to close on September 11, 2020, subject to customary closing conditions.

Forward-Looking Statements

This press release contains statements that constitute “forward-looking statements,” including with respect to the proposed initial public offering. No assurance can be given that the offering will be completed on the terms described, or at all. 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 preliminary prospectus for the Company’s offering filed with the U.S. Securities and Exchange Commission (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.

Investor Contact:

Adam Weiner, Arrowpath Advisors
212-596-7700
contact@arrowpath.com

Source: Cohn Robbins Holdings Corp.

FAQ

What are the details of Cohn Robbins Holdings Corp's initial public offering?

The IPO consists of 72,000,000 units priced at $10.00 each, trading under ticker CRHC.U, starting September 9, 2020.

When is the expected closing date for the CRHC IPO?

The offering is expected to close on September 11, 2020, subject to customary closing conditions.

What does each unit in the IPO consist of?

Each unit consists of one Class A ordinary share and one-third of one redeemable warrant.

What are the potential risks associated with the CRHC IPO?

There is uncertainty regarding the completion of the offering and potential dilution if additional units are issued.

Who is managing the IPO for Cohn Robbins Holdings Corp?

Credit Suisse is acting as the sole book-running manager for the IPO.