Accretion Acquisition Corp. Announces Closing of Upsized $180,000,000 Initial Public Offering

Rhea-AI Summary

Accretion Acquisition Corp. (NASDAQ: ENERU) has successfully closed its upscaled initial public offering, raising $180 million from the sale of 18 million units priced at $10.00 each. The units began trading on the Nasdaq on October 21, 2021. Each unit comprises one common share, one right to receive one-tenth of a share upon a successful business combination, and half a warrant for purchasing additional shares at $11.50 each. The underwriters have a 45-day option to acquire an additional 2.7 million units.

Positive

• Raised $180 million in IPO, enhancing capital for future acquisitions.
• Upsized offering indicates strong investor interest.
• Potential for warrant exercise may lead to additional capital.

Negative

• None.

DENVER, Oct. 25, 2021 /PRNewswire/ -- Accretion Acquisition Corp. (NASDAQ: ENERU) (the "Company") announced that it closed its upsized initial public offering of 18,000,000 units at $10.00 per unit generating total gross proceeds of $180,000,000.  The units were listed on the Nasdaq Global Market ("Nasdaq") and began trading under the ticker symbol "ENERU" on October 21, 2021.  Each unit consists of one share of common stock, one right to receive one-tenth of one share of common stock upon the consummation of an initial business combination, and one-half of one warrant, with each whole warrant entitling the holder thereof to purchase one share of common stock at a price of $11.50 per share, subject to adjustment. Once the securities comprising the units begin separate trading, the common stock, rights, and warrants are expected to be listed on Nasdaq under the symbols "ENER," "ENERR," and "ENERW," respectively.

EarlyBirdCapital, Inc. and Stephens Inc. are acting as book-running managers for the offering. The Company has granted the underwriters a 45-day option to purchase up to an additional 2,700,000 units at the initial public offering price to cover over-allotments, if any.

The public offering will only be made by means of a prospectus. Copies of the preliminary prospectus relating to the offering and final prospectus, may be obtained from EarlyBirdCapital, Inc., Attention: Syndicate Department, 366 Madison Avenue, 8th Floor, New York, NY 10017, or by telephone at (212) 661-0200, or Stephens Inc., Attention: Prospectus Department, 111 Center Street, Little Rock, AR 72201, by telephone at (800) 643-9691 or by email at prospectus@stephens.com.

Registration statements relating to these securities have been filed with the Securities and Exchange Commission and became effective on October 20, 2021. This press release shall not constitute an offer to sell or a 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.

Accretion Acquisition Corp. is a blank check company organized for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, recapitalization or other similar business combination with one or more businesses or entities. The Company's efforts to identify a prospective target business will not be limited to any particular industry or geographic region.

Forward Looking Statements

This press release includes forward-looking statements that involve risks and uncertainties.  Forward looking statements are statements that are not historical facts.  Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ from the forward looking statements.  The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

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SOURCE Accretion Acquisition Corp.

FAQ

What is the total amount raised by Accretion Acquisition Corp in its IPO?

Accretion Acquisition Corp raised a total of $180 million from its upsized initial public offering.

When did Accretion Acquisition Corp's IPO units begin trading?

The IPO units began trading on October 21, 2021, under the ticker symbol ENERU.

What does each unit offered by Accretion Acquisition Corp consist of?

Each unit consists of one share of common stock, one right to receive one-tenth of a share upon a business combination, and one-half of a warrant.

What is the exercise price of the warrants included in Accretion Acquisition Corp's offering?

The warrants entitle holders to purchase one share of common stock at an exercise price of $11.50 per share.

What option did underwriters have in relation to Accretion Acquisition Corp's IPO?

The underwriters were granted a 45-day option to purchase up to an additional 2.7 million units at the initial offering price.