Forum Merger III Corporation Announces Pricing of $250,000,000 Initial Public Offering

Rhea-AI Summary

Forum Merger III Corporation has priced its initial public offering at $10.00 per unit, totaling 25,000,000 units, which will begin trading on Nasdaq under the ticker symbol FIIIU on August 19, 2020. Each unit comprises one share of Class A common stock and one-third of a redeemable warrant, with the warrants exercisable at $11.50 per share. The offering is set to close on August 21, 2020. This blank check company aims to engage in mergers or acquisitions, focusing on businesses valued between $500 million to $2 billion.

Positive

• Initial public offering priced at $10.00 per unit, raising significant capital.
• Strong target market focus on companies with value between $500 million to $2 billion.

Negative

• Uncertainty regarding the completion of the offering and potential business combinations.
• Forward-looking statements indicate risks beyond the company's control.

Delray Beach, FL, Aug. 18, 2020 (GLOBE NEWSWIRE) -- Forum Merger III Corporation (the “Company”) announced today that it priced its initial public offering of 25,000,000 units at $10.00 per unit. The units will be listed on The Nasdaq Capital Market (“Nasdaq”) and trade under the ticker symbol “FIIIU” beginning August 19, 2020. Each unit consists of one share of the Company’s Class A common stock and one-third of one redeemable warrant, with each whole warrant exercisable to purchase one share of Class A common stock at a price of $11.50 per share. Once the securities comprising the units begin separate trading, the Class A common stock and warrants are expected to be listed on Nasdaq under the symbols “FIII” and “FIIIW,” respectively. The offering is expected to close on August 21, 2020.

The Company is a blank check company formed for the purpose of entering into 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 with an aggregate enterprise value of approximately $500 million to $2 billion that are based in the United States. The Company is led by Co-Chief Executive Officers Marshall Kiev and David Boris.

Jefferies LLC is acting as the sole book running manager for the offering. The Company has granted the underwriters a 45-day option to purchase up to an additional 3,750,000 units at the initial public offering price to cover over-allotments, if any. 

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

A registration statement relating to these securities has been filed with, and declared effective by, the Securities and Exchange Commission on August 18, 2020.  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 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 as to the consummation of any business combination or the terms thereof. 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 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
David Boris
(212) 739-7860
david@forummerger.com
www.forummerger.com

FAQ

What is the purpose of Forum Merger III Corporation's IPO?

The IPO allows Forum Merger III Corporation to raise capital for future mergers or acquisitions.

What is the expected trading date for the units under ticker FIIIU?

The units are expected to begin trading on Nasdaq on August 19, 2020.

How many units are being offered in the IPO?

The company is offering 25,000,000 units.

What is the exercise price for the redeemable warrants?

The warrants are exercisable at $11.50 per share.

Who is managing the IPO for Forum Merger III Corporation?

Jefferies LLC is acting as the sole book running manager for the offering.