Global Consumer Acquisition Corporation Announces Closing of $170,000,000 Initial Public Offering

Rhea-AI Summary

Global Consumer Acquisition Corporation successfully closed its initial public offering (IPO) of 17 million units, priced at $10.00 each, beginning trading on Nasdaq under the symbol GACQU on June 9, 2021. Each unit includes one share of Class A common stock and one-half of a redeemable warrant, which can be exercised at $11.50 per share. The company aims to pursue acquisitions primarily in the consumer products and services sectors, led by Co-Chairmen Rohan Ajila and Gautham Pai. The offering was underwritten by Kingswood Capital Markets.

Positive

• Initial public offering of 17 million units raises significant capital.
• Focus on consumer products and services sector aligns with management's expertise.
• Potential for strong market entry through Nasdaq listing.

Negative

• IPO is subject to forward-looking uncertainties, including risk factors outlined in SEC filings.

MARIETTA, GA, June 11, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire – Global Consumer Acquisition Corporation (the “Company”) announced today that it closed its initial public offering of 17,000,000 units at $10.00 per unit. The units are listed on the Nasdaq Capital Market (“Nasdaq”) and began trading on Wednesday, June 9, 2021, under the ticker symbol “GACQU”. Each unit consists of one share of the Company’s 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 and will trade.  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 “GACQ,” and “GACQW,” 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 acquisition opportunity in any business, industry, sector or geographical location, the Company intends to focus on industries that complement the management team’s background, and to capitalize on the ability of the management team to identify and acquire a business, focusing on the consumer products and services sectors, where the management team has extensive experience. The Company is led by Co-Chairman and Chief Executive Officer, Rohan Ajila and Co-Chairman, Gautham Pai. 

Kingswood Capital Markets, division of Benchmark Investments LLC, acted as the sole bookrunner for the offering. ARC Group acted as financial advisor for the offering. The Company has granted the underwriter a 45-day option to purchase up to an additional 2,550,000 units at the initial public offering price to cover over-allotments, if any.

The offering was made only by means of a prospectus. Copies of the prospectus may be obtained from Kingswood Capital Markets, division of Benchmark Investments LLC, Attn: Syndicate Department, 590 Madison Ave, 39th Floor, New York, New York 10022, 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 June 8, 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.

Contact
Rohan Ajila 
rajila@fidesbusinesspartner.ch
+91-98450-41766

FAQ

What is the purpose of Global Consumer Acquisition Corporation's IPO?

The IPO aims to raise capital for potential mergers and acquisitions in the consumer products and services sectors.

When did trading for GACQU begin on Nasdaq?

Trading for GACQU began on June 9, 2021.

What does each unit in the IPO consist of?

Each unit consists of one share of Class A common stock and one-half of a redeemable warrant.

What is the exercise price for the warrants associated with GACQU?

The exercise price for the warrants is $11.50 per share.

Who underwrote the IPO for Global Consumer Acquisition Corporation?

Kingswood Capital Markets acted as the sole bookrunner for the offering.