890 5th Avenue Partners, Inc. Announces Pricing of $250 Million Initial Public Offering

Rhea-AI Summary

890 5th Avenue Partners, Inc. announced the pricing of its initial public offering (IPO) of 25 million units at $10 each, set to trade on Nasdaq under the symbol 'ENFAU' beginning January 12, 2021. Each unit comprises one share of common stock and one-third of a redeemable warrant, with whole warrants priced at $11.50 per share. The company aims to facilitate mergers and acquisitions, primarily in the media and entertainment sectors. Underwriters have a 45-day option to buy an additional 3.75 million units to cover over-allotments.

Positive

• Successful pricing of 25 million units at $10 each for IPO.
• Targeting the media and entertainment sectors for investment opportunities.

Negative

• Potential dilution of shares if underwriters exercise their option for additional units.

890 5^th Avenue Partners, Inc. (the "Company") today announced the pricing of its initial public offering of 25,000,000 units at a price of $10.00 per unit. The units are expected to be listed on the Nasdaq Capital Market ("Nasdaq") and trade under the ticker symbol "ENFAU" beginning January 12, 2021. Each unit consists of one share of the Company's common stock and one-third of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one share of common stock at a price of $11.50 per share. Once the securities comprising the units begin separate trading, the Company expects that its common stock and warrants will be listed on Nasdaq under the symbols ''ENFA'' and ''ENFAW,'' respectively.

The Company was formed for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or similar business combination with one or more businesses. The Company's efforts to identify a prospective target business will not be limited to a particular industry or geographic region, although it intends to focus on businesses in the media and entertainment industries.

Cowen and Company, LLC and Craig-Hallum Capital Group LLC are acting as joint book-running managers for the offering. The Company has granted the underwriters a 45-day option to purchase up to 3,750,000 additional units at the initial public offering price to cover over-allotments, if any.

The public offering is being made only by means of a prospectus. When available, copies of the prospectus relating to the offering may be obtained from Cowen and Company, LLC, c/o Broadridge Financial Services, 1155 Long Island Avenue, Edgewood, NY 11717, Attn: Prospectus Department, email: postSaleManualRequests@broadridge.com, telephone: 833-297-2926; or Craig-Hallum Capital Group LLC, 222 South Ninth Street, Suite 350, Minneapolis, MN 55402, Attn: Equity Capital Markets, telephone: 612-334-6300 or by email at prospectus@chlm.com.

A registration statement relating to these securities was declared effective by the U.S. Securities and Exchange Commission (the "SEC") on January 11, 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.

About 890 5^th Avenue Partners, Inc.

890 5^th Avenue Partners, Inc. a Delaware corporation, is a blank check company newly formed for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or similar business combination with one or more businesses. The Company's management team is led by Emiliano Calemzuk, Chief Executive Officer, Michael Del Nin, Chief Operating Officer and Chief Financial Officer, and Adam Rothstein, Executive Chairman.

Forward-Looking Statements

This press release contains statements that constitute "forward-looking statements," including with respect to the initial public offering and the anticipated use of the net proceeds thereof. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or that the net 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 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210111006109/en/

FAQ

What is the offering size and price for ENFAU?

890 5th Avenue Partners, Inc. is offering 25 million units at a price of $10 each.

When will ENFAU start trading on Nasdaq?

ENFAU is expected to start trading on January 12, 2021.

What does each unit in the IPO include?

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

What is the purpose of the initial public offering by ENFAU?

The IPO aims to raise capital for mergers and acquisitions, particularly in the media and entertainment industries.

What risk is associated with the IPO of ENFAU?

There is a risk of dilution if underwriters exercise their option to purchase additional units.