Carney Technology Acquisition Corp. II Announces Pricing of $ $350,000,000 Initial Public Offering

Rhea-AI Summary

Carney Technology Acquisition Corp. II has priced its initial public offering (IPO) at $10.00 per unit, raising funds through 35 million units listed on Nasdaq under symbol CTAQU. Each unit includes one share of Class A common stock and one-third of a redeemable warrant. The IPO is managed by Morgan Stanley, Cantor Fitzgerald, and Mizuho Securities, with a 45-day option for underwriters to purchase an additional 5.25 million units. The company seeks to target mergers or acquisitions in the technology sector.

Positive

• Initial public offering priced at $10.00 per unit.
• Potential to raise up to $352.5 million (including over-allotment option).
• Focus on mergers and acquisitions in the technology sector, presenting growth opportunities.

Negative

• No assurance that the offering will complete as described.
• Risks associated with business combinations and market conditions.

New York, NY, Dec. 09, 2020 (GLOBE NEWSWIRE) -- Carney Technology Acquisition Corp. II (the “Company”) announced today that it priced its initial public offering of 35,000,000 units at $10.00 per unit. The units will be listed on the Nasdaq Capital Market (“Nasdaq”) and will begin trading tomorrow, Thursday, December 10, 2020, under the ticker symbol “CTAQU”. Each unit consists of one share of the Company’s Class A common stock and one-third of one redeemable warrant, each whole warrant entitling the holder thereof to purchase one share of Class A common stock at a price of $11.50 per share. Only whole warrants are exercisable and will trade.  Once the securities comprising the units begin separate trading, shares of the Class A common stock and warrants are expected to be listed on Nasdaq under the symbols “CTAQ” and “CTAQW,” respectively.

The Company is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. While the Company may pursue an initial business combination target in any business or industry, it intends to focus its search on companies in the technology industry. The Company is led by Chief Acquisition Officer, Lloyd Carney, Chief Executive Officer, Chief Financial Officer and Chairman of the Board, David Roberson, and President, Gale England.

Morgan Stanley & Co. LLC, Cantor Fitzgerald & Co. and Mizuho Securities USA LLC are acting as the joint book running managers 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 is being made only by means of a prospectus. Copies of the prospectus may be obtained, when available, from Morgan Stanley & Co. LLC, Attn: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014, Email: prospectus@morganstanley.com; Cantor Fitzgerald & Co., Attention: Capital Markets, 499 Park Avenue, 5th Floor New York, New York 10022; Email: prospectus@cantor.com; or from Mizuho Securities USA LLC, Attention: Equity Capital Markets, 1271 Avenue of the Americas, 3rd Floor, New York, NY  10020.

A registration statement relating to these securities has been filed with, and declared effective by, the Securities and Exchange Commission (“SEC”) on December 9, 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 an 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 initial public offering. No assurance can be given that the offering discussed above 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 registration statement and preliminary prospectus for the offering filed with the 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.

Contact

Lloyd Carney
David Roberson
Carney Technology Acquisition Corp. II
(619) 736-6855

FAQ

What is the price of Carney Technology Acquisition Corp. II's IPO?

The IPO is priced at $10.00 per unit.

When will Carney Technology Acquisition Corp. II begin trading on Nasdaq?

Trading begins on December 10, 2020.

What does each unit in the IPO consist of?

Each unit consists of one share of Class A common stock and one-third of a redeemable warrant.

What is the ticker symbol for Carney Technology Acquisition Corp. II?

The ticker symbol is CTAQU.

What is the purpose of Carney Technology Acquisition Corp. II?

The company aims to effect a merger, capital stock exchange, or asset acquisition in the technology industry.