PWP Forward Acquisition Corp. I Announces the Separate Trading of Its Class A Common Stock and Redeemable Warrants Commencing April 30, 2021
PWP Forward Acquisition Corp. I (Nasdaq: FRWAU) announced that starting April 30, 2021, holders of its IPO units can separately trade the shares of Class A common stock and redeemable warrants. The units, originally sold as part of a 21,163,433-unit offering on March 12, 2021, will continue to trade under the symbol 'FRWAU.' Separated shares and warrants will trade under 'FRW' and 'FRWAW,' respectively. The Company aims to enhance access to public financing for women-led businesses. Citigroup was the book-running manager for the offering.
- Initiation of separate trading of Class A shares and redeemable warrants enables shareholders to manage their investments more flexibly.
- Focus on financing opportunities for women-led businesses can cater to a growing market and social impact investing.
- The lack of a specific business combination target may lead to uncertainty for investors regarding future growth.
- No financial metrics disclosed, which may raise concerns about the Company's current financial health.
PWP Forward Acquisition Corp. I (Nasdaq: FRWAU) (the “Company”) today announced that, commencing April 30, 2021, holders of the units sold in the Company’s initial public offering of 21,163,433 units completed on March 12, 2021, may elect to separately trade the shares of Class A common stock and redeemable warrants included in the units. Those units not separated will continue to trade on the Nasdaq Capital Market (“Nasdaq”) under the symbol “FRWAU,” and the shares of Class A common stock and redeemable warrants that are separated will trade on Nasdaq under the symbols “FRW” and “FRWAW,” respectively. No fractional warrants will be issued upon separation of the units and only whole warrants will trade. Holders of units will need to have their brokers contact Continental Stock Transfer & Trust Company, the Company’s transfer agent, in order to separate the units into shares of Class A common stock and redeemable warrants.
The Company was formed as a Delaware corporation for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. Although the Company’s efforts to identify a prospective business combination opportunity will not be limited to a particular industry, it intends to focus on enhancing access to public financing for companies that are founded by, led by or enrich the lives of women.
The units were initially offered by the Company in an underwritten offering. Citigroup acted as the book-running manager, and Siebert Williams Shank & Co., Telsey Advisory Group and Tigress Financial Partners acted as co-managers for the offering.
The offering was made only by means of a prospectus, copies of which may be obtained for free from the U.S. Securities and Exchange Commission (the “SEC”) website at www.sec.gov or by contacting Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 or by telephone at 1-800-831-9146.
A registration statement relating to the securities became effective on March 9, 2021. This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities of the Company, 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 may include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact included in this press release are forward-looking statements. When used in this press release, words such as “anticipate,” “believe,” “estimate,” “expect,” “intend” and similar expressions, as they relate to us or our management team, identify forward-looking statements. Such forward-looking statements are based on the beliefs of management, as well as assumptions made by, and information currently available to, the Company’s management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors detailed in the Company’s filings with the SEC. All subsequent written or oral forward-looking statements attributable to us or persons acting on our behalf are qualified in their entirety by this paragraph. 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 prospectus relating to the Company’s initial public offering filed with the SEC. 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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FAQ
What is the significance of the separate trading of shares and warrants for FRWAU?
When can FRWAU unit holders start trading their shares separately?
What does PWP Forward Acquisition Corp. I aim to achieve with its business focus?
Who managed the initial public offering for FRWAU?
What are the trading symbols for FRWAU's separated shares and warrants?
