Epiphany Technology Acquisition Corp. Announces Closing of $402,500,000 Initial Public Offering

Rhea-AI Summary

Epiphany Technology Acquisition Corp. closed its initial public offering (IPO) on January 12, 2021, raising $402.5 million by offering 40,250,000 units at $10.00 each. The IPO included 5,250,000 additional units from an over-allotment option. Trading commenced on January 8, 2021, under the ticker symbol EPHYU. The units will later separate into Class A common stock (EPHY) and redeemable warrants (EPHYW). The Company aims for business combinations primarily in the technology sector, with significant funds placed in trust from the offering proceeds.

Positive

• Raised $402.5 million in IPO, enhancing capital for future acquisitions.
• Focus on the technology sector may lead to strategic growth opportunities.
• Successful completion of IPO indicates strong market interest and investor confidence.

Negative

• None.

New York, NY, Jan. 12, 2021 (GLOBE NEWSWIRE) -- Epiphany Technology Acquisition Corp. (NASDAQ: EPHYU) (the “Company”) announced today that it closed its initial public offering of 40,250,000 units, including 5,250,000 units issued pursuant to the exercise by the underwriter of its over-allotment option in full. The offering was priced at $10.00 per unit, resulting in gross proceeds of $402,500,000.

The Company’s units are listed on the Nasdaq Capital Market (“Nasdaq”) and commenced trading under the ticker symbol “EPHYU” on January 8, 2021. Each unit consists of one share of the Company’s Class A common stock and one-third of one redeemable warrant, each whole warrant entitling the holder thereof to purchase one share of Class A common stock at a price of $11.50 per share. Only whole warrants will trade and are exercisable.  Once the securities comprising the units begin separate trading, the shares of Class A common stock and warrants are expected to be traded on Nasdaq under the symbols “EPHY” and “EPHYW,” respectively.

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 business or industry, it intends to focus its search on companies in the technology industry. The Company is led by Chief Executive Officer and Chief Financial Officer, Peter Bell, Chairman of the Board, Arthur Coviello, and Vice Chairman of the Board, Paul Deninger.

Cantor Fitzgerald & Co. acted as the sole book running manager for the offering.

Of the proceeds received from the consummation of the initial public offering and a simultaneous private placement of units, $402,500,000 (or $10.00 per unit sold in the public offering) was placed in trust. An audited balance sheet of the Company as of January 12, 2021 reflecting receipt of the proceeds upon consummation of the initial public offering and the private placement will be included as an exhibit to a Current Report on Form 8-K to be filed by the Company with the Securities and Exchange Commission.

The offering was made only by means of a prospectus. Copies of the prospectus may be obtained, when available, from Cantor Fitzgerald & Co., Attention: Capital Markets, 499 Park Avenue, 5th Floor New York, New York 10022; Email: prospectus@cantor.com.

A registration statement relating to these securities has been filed with, and declared effective by, the Securities and Exchange Commission on January 7, 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 an 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 and the anticipated use of the net proceeds. No assurance can be given 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 prospectus for the offering filed with the Securities and Exchange Commission (“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

Peter Bell
Art Coviello
Paul Deninger
Epiphany Technology Acquisition Corp.
(619) 736-6855

FAQ

What was the total amount raised in Epiphany Technology Acquisition Corp's IPO?

Epiphany Technology Acquisition Corp raised a total of $402.5 million in its initial public offering.

When did Epiphany Technology Acquisition Corp commence trading?

Epiphany Technology Acquisition Corp commenced trading on January 8, 2021.

What are the ticker symbols for the shares and warrants of Epiphany Technology Acquisition Corp?

The Class A common stock trades under the symbol EPHY, while the warrants trade under EPHYW.

What is the primary focus of Epiphany Technology Acquisition Corp's business strategy?

The Company primarily focuses on pursuing business combinations in the technology sector.