Dune Acquisition Corporation Announces Pricing of Upsized $150 Million Initial Public Offering

Rhea-AI Summary

Dune Acquisition Corporation announced the pricing of its upsized initial public offering (IPO) of 15,000,000 units at $10.00 each. Trading begins on Nasdaq under the ticker symbol “DUNEU” starting December 18, 2020, with the IPO closing expected on December 22, 2020. Each unit includes one share of Class A common stock and a half warrant, with warrants exercisable at $11.50. The company aims to complete business combinations, targeting the technology sector, particularly SaaS companies. Cantor Fitzgerald & Co. serves as the book-runner for the offering.

Positive

• Upsized IPO of 15,000,000 units at $10.00 each, indicating strong demand.
• Targeting mergers in the technology sector, especially SaaS, suggesting potential for growth.

Negative

• No clear business combination target currently identified, which raises uncertainty.
• Offering could create shareholder dilution if the underwriters exercise their overallotment option.

NEW YORK, Dec. 17, 2020 (GLOBE NEWSWIRE) -- Dune Acquisition Corporation (the “Company”) announced today the pricing of its upsized initial public offering of 15,000,000 units at a price of $10.00 per unit. The units will be listed on The Nasdaq Capital Market (the “Nasdaq”) and trade under the ticker symbol “DUNEU” beginning on December 18, 2020. Each unit consists of one share of Class A common stock and one-half of one redeemable warrant, with each warrant whole exercisable to purchase one share of Class A common stock at a price of $11.50 per share. After the securities comprising the units begin separate trading, the shares of Class A common stock and warrants are expected to be listed on Nasdaq under the symbols “DUNE” and “DUNEW,” respectively. The offering is expected to close on December 22, 2020.

Dune Acquisition Corporation was founded by its Chief Executive Officer, Carter Glatt. The Company is a blank check company whose business purpose is to effect 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 or geographic region, the Company intends to focus its search for an initial business combination on companies within the technology sector, particularly companies pursuing a Software as a Service, or SaaS, model.

Cantor Fitzgerald & Co. is acting as sole book-runner and Needham & Company as co-manager of the offering. The Company has granted the underwriters a 45-day option to purchase up to an additional 2,250,000 units at the initial public offering price to cover over-allotments, if any.

A registration statement relating to these securities was declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on December 17, 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 being made only by means of a prospectus. When available, copies of the prospectus relating to this offering may be obtained from Cantor Fitzgerald & Co., Attention: Capital Markets, 499 Park Avenue, 5th Floor, New, York, New York 10022 or email at prospectus@cantor.com.

Cautionary Note Concerning Forward-Looking Statements
This press release contains statements that constitute “forward-looking statements,” including with respect to the initial public offering and search for an initial business combination. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or that the 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 for the initial public 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
Carter Glatt
Chief Executive Officer
Dune Acquisition Corporation
ir@duneacq.com
(917) 742-1904

FAQ

What is the IPO price for Dune Acquisition Corporation?

The IPO price for Dune Acquisition Corporation is $10.00 per unit.

When will Dune Acquisition Corporation's shares start trading?

Shares will begin trading on Nasdaq under the symbol 'DUNEU' on December 18, 2020.

What is included in each unit of Dune Acquisition Corporation's IPO?

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

What is the intended focus of Dune Acquisition Corporation's business combinations?

Dune Acquisition Corporation intends to focus on companies within the technology sector, particularly those using a SaaS model.

Who is managing Dune Acquisition Corporation's IPO?

Cantor Fitzgerald & Co. is the sole book-runner, with Needham & Company as co-manager.