Empowerment & Inclusion Capital I Corp. Announces Launch of Initial Public Offering

Rhea-AI Summary

Empowerment & Inclusion Capital I Corp. has initiated its IPO, offering 20,000,000 units at $10.00 each. Each unit comprises one share of Class A common stock and one-half of a redeemable warrant, with whole warrants allowing purchase at $11.50. The Company plans to list the units on NYSE under the symbol 'EPWR.U'. Underwriters have a 45-day option for an additional 3,000,000 units. The firm aims to acquire businesses that promote inclusivity. The registration statement is pending effectiveness, and the offering is contingent on various conditions.

Positive

• Aims to promote inclusivity through business acquisitions.
• Initial public offering of 20,000,000 units, potentially raising up to $200 million.

Negative

• Offering contingent on effectiveness of registration statement.
• Potential dilution for existing shareholders if warrants are exercised.

NEW YORK, Jan. 6, 2021 /PRNewswire/ -- Empowerment & Inclusion Capital I Corp. (the "Company") announced today that it has commenced its initial public offering of 20,000,000 units at a price of $10.00 per unit. The Company intends to grant the underwriters a 45-day option to purchase up to an additional 3,000,000 units to cover over-allotments, if any.  Each unit issued in the offering will consist of one share of the Company's Class A common stock and one-half of one redeemable warrant, with each whole warrant entitling the holder thereof to purchase one share of Class A common stock at a price of $11.50 per share. The units are expected to be listed on the New York Stock Exchange (the "NYSE") and trade under the ticker symbol "EPWR.U".  Once the securities comprising the units begin separate trading, the shares of Class A common stock and warrants are expected to be listed on the NYSE under the symbols "EPWR" and "EPWR WS," respectively.

The Company is a special-purpose acquisition company with the unique, purpose-driven mission to acquire a diverse-led business or a business focused on promoting an inclusive economy and society.  

Jefferies LLC and Siebert Williams Shank & Co., LLC are acting as the joint bookrunning managers for the offering, and Academy Securities, Inc., Blaylock Van, LLC, C.L. King & Associates, Inc., Loop Capital Markets LLC and Samuel A. Ramirez & Company, Inc. are acting as joint bookrunners.

The offering will be made only by means of a prospectus. Copies of the preliminary prospectus relating to the offering and final prospectus, when available, may be obtained from Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022, or by telephone at 1-877-821-7388 or by email at Prospectus_Department@Jefferies.com.

A registration statement relating to these securities has been filed with the U.S. Securities and Exchange Commission (the "SEC") but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, 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.

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 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 registration statement and preliminary prospectus for the Company's offering filed with the SEC. Copies of such filings 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.

Contacts

MEDIA:
Marcey Zwiebel
(412) 762-4550
media.relations@pnc.com 

OTHER INQUIRIES:
(212) 468-8655

 

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SOURCE Empowerment & Inclusion Capital I Corp.

FAQ

What is the purpose of Empowerment & Inclusion Capital I Corp.'s IPO?

The IPO aims to raise capital for acquiring businesses that promote inclusivity in the economy and society.

What financial details are associated with the IPO of EPWR, EPWR.U, and EPWR.WS?

The IPO offers 20,000,000 units at $10.00 each, with an additional 3,000,000 units option for underwriters. Each unit includes one share of Class A stock and one-half redeemable warrant.

When will the units for EPWR, EPWR.U, and EPWR.WS start trading?

The units are expected to be listed and start trading on the NYSE under the ticker symbol 'EPWR.U' upon completion of the offering.

What are the risks associated with the IPO of Empowerment & Inclusion Capital I Corp.?

Risks include the offering being contingent on the registration statement becoming effective and potential dilution for shareholders.

Who are the underwriters for the IPO of EPWR, EPWR.U, and EPWR.WS?

Jefferies LLC and Siebert Williams Shank & Co., LLC are the joint bookrunning managers for the offering.