FoxWayne Enterprises Acquisition Corp. Announces Pricing of $50,000,000 Initial Public Offering

Rhea-AI Summary

FoxWayne Enterprises Acquisition Corp. has priced its initial public offering (IPO) at $10.00 per unit, raising a total of $50 million. The IPO will begin trading on the Nasdaq under the ticker symbol FOXWU on January 20, 2021. Each unit comprises one share of Class A common stock and one redeemable warrant, allowing the holder to purchase additional shares at $11.50 each. The company aims to focus on merger opportunities in the biotechnology and telemedicine sectors. Additionally, underwriters have a 45-day option to purchase 750,000 extra units.

Positive

• Initial public offering priced at $10.00 per unit, raising $50 million.
• Each unit includes a warrant for purchasing shares at $11.50.
• Focus on biotechnology and telemedicine sectors could lead to strategic growth.
• 45-day option for underwriters to purchase additional units may provide liquidity.

Negative

• No significant operating history as a blank check company.
• Market volatility may impact the success of the IPO.

NEW YORK, Jan. 19, 2021 /PRNewswire/ -- FoxWayne Enterprises Acquisition Corp. (the "Company") announced today that it priced its initial public offering of 5,000,000 units at $10.00 per unit. The units will be listed on the Nasdaq Capital Market ("Nasdaq") and will begin trading tomorrow, Wednesday, January 20, 2021, under the ticker symbol "FOXWU". Each unit consists of one share of the Company's Class A common stock and one redeemable warrant. Each warrant entitles the holder thereof 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, shares of the Class A common stock and warrants are expected to be listed on Nasdaq under the symbols "FOXW," and "FOXWW," 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 the biotechnology and/or telemedicine sector of the healthcare industry or the technology industry in North America. The Company is led by Chairman and Chief Executive Officer, Robb Knie.

Kingswood Capital Markets, division of Benchmark Investments, Inc. 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 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 Kingswood Capital Markets, division of Benchmark Investments, Inc., Attn: Syndicate Department, 17 Battery Place, Suite 625, New York, New York 10004, by telephone at (212) 404-7002, by fax at (646) 861-4697, or by email at syndicate@kingswoodcm.com.

A registration statement relating to these securities has been filed with, and declared effective by, the Securities and Exchange Commission ("SEC") on January 19, 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. No assurance can be given that the offering discussed above will be completed on the terms described, or at all. 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 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.

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SOURCE FoxWayne Enterprises Acquisition Corp

FAQ

What is the price of FoxWayne's IPO units?

FoxWayne Enterprises priced its IPO at $10.00 per unit.

When will FoxWayne's units start trading?

The units will begin trading on the Nasdaq on January 20, 2021.

What are the ticker symbols for FoxWayne's stocks?

The ticker symbols are 'FOXWU' for units, 'FOXW' for Class A common stock, and 'FOXWW' for warrants.

How much capital is being raised in the FoxWayne IPO?

The IPO aims to raise a total of $50 million.

What industries is FoxWayne targeting for mergers?

FoxWayne is focusing on the biotechnology and telemedicine sectors.