Focus Impact Acquisition Corp. Announces Pricing of $200 Million Initial Public Offering

Rhea-AI Summary

Focus Impact Acquisition Corp. has announced the pricing of its initial public offering (IPO) of 20,000,000 units at $10.00 each, set to trade on Nasdaq under the ticker symbol FIACU starting October 28, 2021. Each unit consists of one share of Class A stock and one-half redeemable warrant, with whole warrants exercisable at $11.50 per share. The company aims to target 'Social-Forward Companies' for potential business combinations. The IPO is expected to close on November 1, 2021, pending customary conditions.

Positive

• Initial public offering of 20,000,000 units at $10.00 each.
• Focus on 'Social-Forward Companies' may attract socially conscious investors.
• Joint management by Citigroup and Goldman Sachs highlights credibility.

Negative

• Dependence on finding suitable business combination targets may delay value realization.
• Potential dilution risk if underwriters exercise their over-allotment option for additional units.

SPAC focuses on Social-Forward Companies

NEW YORK, Oct. 27, 2021 (GLOBE NEWSWIRE) -- Focus Impact Acquisition Corp. (the “Company”), a special purpose acquisition 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, today announced the pricing of its initial public offering of 20,000,000 units at $10.00 per unit.

The units will be listed on the Nasdaq Stock Market LLC (NASDAQ) and trade under the ticker symbol “FIACU” beginning tomorrow, October 28, 2021. Each unit consists of one share of Class A common stock and one-half of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one share of Class A common stock at a price of $11.50 per share. Only whole warrants are exercisable. Once the securities comprising the units begin separate trading, the Company expects that the shares of Class A common stock and redeemable warrants will be listed on NASDAQ under the symbols “FIAC” and “FIACW,” respectively.

The Company is sponsored by Focus Impact Sponsor, LLC (the “Sponsor”). While the Company may pursue an initial business combination target in any industry, it intends to focus its search on businesses that are, or seek to be positioned as, a “Social-Forward Company”, which are companies that marry operating excellence with the desire to create Social good, with the benefit of increasing attention and capital flows to such companies while amplifying their social impact.

Citigroup Global Markets Inc. and Goldman Sachs & Co. LLC are serving as joint book-running managers for the offering. CastleOak Securities, L.P. and Siebert Williams Shank are serving as co-managers for the offering. The Company has granted the underwriters a 45-day option to purchase up to an additional 3,000,000 units at $10.00 per unit to cover over-allotments, if any.

A registration statement relating to the securities became effective on October 27, 2021. The offering is expected to close on November 1, 2021, subject to customary closing conditions.

The offering is being made only by means of a prospectus. When available, copies of the prospectus may be obtained by contacting Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, telephone number 1-800-831-9146 or Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West St., New York, NY, 10282 or by telephone at (866) 471-2526 or by e-mail at prospectus-ny@ny.email.gs.com.

This press release shall not constitute an offer to sell nor 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.

Forward-Looking Statements
This press release contains statements that constitute “forward-looking statements” related to the initial public offering and search for an initial business combination. No assurance can be given that the offering will be completed on the terms described, or at all, or that the proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the Company’s control, 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.

Contacts:
info@focus-impact.com

FAQ

What is the price of the IPO for Focus Impact Acquisition Corp?

The IPO is priced at $10.00 per unit.

When will FIACU start trading on the Nasdaq?

Shares will begin trading on the Nasdaq on October 28, 2021.

What is the ticker symbol for Focus Impact Acquisition Corp?

The ticker symbol for the company is FIACU.

What is a Social-Forward Company?

A Social-Forward Company is one that combines operational excellence with social good objectives.

What potential risks are associated with the IPO of Focus Impact Acquisition Corp?

Risks include dependence on finding a target for business combination and potential dilution from over-allotment options.