Founder SPAC Announces Closing of $316.25 Million Initial Public Offering

Rhea-AI Summary

Founder SPAC (NASDAQ: FOUNU) has successfully completed its initial public offering (IPO) of 31,625,000 units at $10.00 per unit, including an over-allotment of 4,125,000 units. The IPO began trading on Nasdaq on October 15, 2021. Each unit comprises one Class A ordinary share and half a redeemable warrant, with whole warrants priced at $11.50 each. The company plans to focus its acquisition efforts on the technology sector, emphasizing Digital Transformation.

Positive

• Completed IPO of 31,625,000 units raising substantial capital.
• Focus on technology sector provides growth potential.

Negative

• Potential dilution from warrants if exercised.
• Market volatility may affect share price post-IPO.

GRAND CAYMAN, Cayman Islands, Oct. 19, 2021 (GLOBE NEWSWIRE) -- Founder SPAC (NASDAQ: FOUNU) (the “Company”) today announced that it has closed its initial public offering of 31,625,000 units, including 4,125,000 units issued pursuant to the full exercise of the underwriters’ over-allotment option, at a price of $10.00 per unit. The units are listed on The Nasdaq Stock Market LLC (“Nasdaq”) and began trading under the ticker symbol “FOUNU” on October 15, 2021. 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 of the Company 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 “FOUN” and “FOUNW,” respectively.

Founder SPAC is a blank check company whose business purpose is to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. While we will not be limited to a particular industry or geographic region in our identification and acquisition of a target company, we intend to focus our search on businesses within the technology sector, with a specific focus on the theme of Digital Transformation.

Founder SPAC is led by CEO Osman Ahmed, CFO Manpreet Singh, and Executive Chairman Hassan Ahmed. The Company’s independent directors include Jack Selby, Steve Papa, Allen Salmasi, and Rob Theis. The Company’s advisory board is led by sponsor and advisor Nikhil Kalghatgi.

Jefferies LLC acted as sole bookrunning manager of the offering.

A registration statement relating to these securities was declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on October 14, 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 is being made only by means of a prospectus. When available, copies of the prospectus relating to this offering may be obtained from Jefferies LLC at 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.

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 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 for the initial public offering filed with the SEC, which is 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.

Investor Contact:

Cody Slach
Gateway Group
(949) 574-3860
FOUN@gatewayir.com

Company Contact:

Osman Ahmed
CEO
osman@thefounderspac.com

Nikhil Kalghatgi
Advisor
nikhil@thefounderspac.com

FAQ

What is the initial public offering price for Founder SPAC (FOUNU)?

The initial public offering price for Founder SPAC (FOUNU) was $10.00 per unit.

How many units were offered in Founder SPAC's IPO?

Founder SPAC offered a total of 31,625,000 units in its IPO.

When did Founder SPAC start trading on Nasdaq?

Founder SPAC started trading on Nasdaq on October 15, 2021.

What is the purpose of Founder SPAC's IPO?

The purpose of Founder SPAC's IPO is to raise capital to pursue mergers and acquisitions, particularly in the technology sector.

What are the components of a unit in Founder SPAC's IPO?

Each unit in Founder SPAC's IPO consists of one Class A ordinary share and one-half of a redeemable warrant.