DHB Capital Corp. Announces Closing of its Initial Public Offering

Rhea-AI Summary

DHB Capital Corp. (Nasdaq: DHBCU) has successfully completed its initial public offering, raising $250 million by issuing 25 million units at $10 each. The units, consisting of one share of Class A common stock and one-third of a warrant, commenced trading on Nasdaq on March 2, 2021. The company aims to pursue mergers or acquisitions primarily in the financial services sector. Underwriters have a 45-day option to purchase an additional 3.75 million units to cover over-allotments.

Positive

• Raised $250 million in the IPO for business combinations.
• Strong focus on the financial services industry, indicating potential for targeted growth.

Negative

• Potential shareholder dilution with warrants structured as one-third per unit.

NEW YORK, March 04, 2021 (GLOBE NEWSWIRE) -- DHB Capital Corp. (Nasdaq: DHBCU) (the “Company”) today announced the completion of its initial public offering of 25,000,000 units at a price of $10.00 per unit, for aggregate gross proceeds to the Company of $250,000,000. The Company’s units began trading on the Nasdaq Capital Market (“Nasdaq”) under the symbol “DHBCU” on March 2, 2021. Each unit issued in the offering consists of one share of the Company’s Class A common stock and one-third of one warrant, each whole warrant exercisable for one share of Class A common stock at an exercise price of $11.50 per share. Once the securities comprising the units begin separate trading, the Class A common stock and warrants are expected to be listed on Nasdaq under the symbols “DHBC” and “DHBCW,” respectively. No fractional warrants will be issued upon separation of the units and only whole warrants will trade.

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 industry, it currently intends to concentrate its efforts in identifying businesses in the financial and business services industry, with a focus on differentiated financial services and financial services-adjacent platforms. The Company is led by Richard M. DeMartini, Co-Executive Chairman, Robert J. Hurst, Co-Executive Chairman, and Alex Binderow, Chief Executive Officer, President and Director.

BofA Securities and RBC Capital Markets, LLC are acting as joint book-running managers in the offering. The Company has granted the underwriters a 45-day option to purchase up to an additional 3,750,000 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 BofA Securities, Attention: Prospectus Department, NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte, NC 28255-0001, or by emailing dg.prospectus_requests@bofa.com; or RBC Capital Markets, LLC, Attn: RBC Capital Markets, LLC, Attn: Equity Syndicate, 200 Vesey Street, 8^th Floor, New York, New York 10821, telephone: (877) 822-4089 or email: equityprospectus@rbccm.com.

A registration statement relating to the securities has been filed with, and was declared effective by, the U.S. Securities and Exchange Commission (the “SEC”) on March 1, 2021. 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 initial public offering. 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 final 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

Alex Binderow
Chief Executive Officer and President
DHB Capital Corp.
Tel: (646) 450-5664
Email: abinderow@dhbcap.com

FAQ

What is the total amount raised by DHB Capital Corp. in its IPO?

DHB Capital Corp. raised a total of $250 million by completing its initial public offering.

What is included in each unit offered by DHB Capital Corp.?

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

When did DHB Capital Corp.'s units start trading on Nasdaq?

The units began trading on Nasdaq on March 2, 2021.

What is the exercise price of the warrants issued by DHB Capital Corp.?

The warrants are exercisable for one share of Class A common stock at an exercise price of $11.50 per share.

Is there an option for underwriters to purchase additional units?

Yes, underwriters have a 45-day option to purchase up to an additional 3.75 million units to cover over-allotments.