Enterprise 4.0 Technology Acquisition Corp. Completes Upsized $300 Million Initial Public Offering

Rhea-AI Summary

Enterprise 4.0 Technology Acquisition Corp. closed its upsized initial public offering of 30,000,000 units, yielding gross proceeds of $300,000,000. The units were priced at $10.00 each, with 3,900,000 units from the underwriter’s over-allotment. The trading commenced on Nasdaq under the ticker symbol 'ENTFU' on October 19, 2021. The company, focused on potential technology sector mergers and acquisitions, anticipates separating its units into Class A shares and warrants, with future trading symbols being 'ENTF' and 'ENTFW'.

Positive

• Raised $300,000,000 in gross proceeds through IPO, enhancing financial position.
• Focus on technology sector may lead to lucrative acquisition opportunities.

Negative

• Initial public offering conditions remain subject to various risks as outlined in the SEC's risk factors.
• No guaranteed success in identifying a suitable business combination in technology.

New York, NY, Oct. 21, 2021 (GLOBE NEWSWIRE) -- Enterprise 4.0 Technology Acquisition Corp. (the “Company”) today announced the closing of its upsized initial public offering of 30,000,000 units, including 3,900,000 units issued pursuant to the partial exercise by the underwriter of its over-allotment option. The offering was priced at $10.00 per unit, resulting in gross proceeds of $300,000,000.

Enterprise 4.0 Technology Acquisition Corp. is a blank check company incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. While the Company may pursue a business combination target in any business or industry, the Company intends to focus its search on companies in the technology industry. The Company is led by Chief Executive Officer, Eric Benhamou.

Cantor Fitzgerald & Co. and Mizuho Securities USA LLC acted as joint book running managers of the offering.

The Company’s units began trading on The Nasdaq Global Market (the “Nasdaq”) on October 19, 2021 under the ticker symbol “ENTFU”. Each unit consists of one Class A ordinary share and one-half of one redeemable warrant, with each whole warrant exercisable to purchase one Class A ordinary share at a price of $11.50 per share. After the securities comprising the units begin separate trading, the Class A ordinary shares and warrants are expected to be listed on Nasdaq under the symbols “ENTF” and “ENTFW,” respectively.

A registration statement relating to these securities was declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on October 18, 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.

The offering has been made only by means of a prospectus. Copies of the prospectus relating to this offering have been obtainable from Cantor Fitzgerald & Co. and Mizuho Securities USA LLC, Attention: Prospectus Department, 499 Park Avenue New York, New York 10022 and 1271 Avenue of the Americas New York, New York 10020, respectively.

Cautionary Note Concerning Forward-Looking Statements

This press release contains statements that constitute “forward-looking statements,” including with respect to the Company’s search for an initial business combination. 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

Eric Benhamou
Chris Paisley
Ron Sege
Yash Hemaraj
619.736.6855
info@ent40acquisitioncorp.com

FAQ

What is the total amount raised in the IPO by Enterprise 4.0 Technology Acquisition Corp.?

The IPO raised a total of $300,000,000.

When did trading of the units begin for ENTFU?

Trading of the units began on The Nasdaq Global Market on October 19, 2021.

What is included in each unit sold in the IPO?

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

What ticker symbols will the shares and warrants have after separation?

After separation, the Class A shares will trade under 'ENTF' and the warrants under 'ENTFW'.

What is the focus of Enterprise 4.0 Technology Acquisition Corp. in terms of mergers?

The company intends to focus on mergers and acquisitions in the technology industry.