Growth Capital Acquisition Corp. Announces Pricing of Upsized $150 Million Initial Public Offering

Rhea-AI Summary

Growth Capital Acquisition Corp. (NASDAQ: GCACU) has priced its initial public offering (IPO) at $10.00, offering 15,000,000 units consisting of one share of Class A common stock and half a redeemable warrant. Trading on Nasdaq is set to begin on January 29, 2021, under the symbol 'GCACU'. Each whole warrant allows purchase of a Class A share at $11.50. The underwriters hold a 45-day option for an additional 2,250,000 units. The offering is expected to close on February 2, 2021, pending customary closing conditions.

Positive

• Successful pricing of the IPO at $10.00 per unit.
• 15,000,000 units being offered, indicating strong investor interest.
• Potential for trading in Class A shares and warrants, enhancing liquidity.

Negative

• No specific financial metrics or projections provided.
• Offering is contingent on customary closing conditions.

ATHENS, Greece, Jan. 29, 2021 (GLOBE NEWSWIRE) -- Growth Capital Acquisition Corp. (NASDAQ: GCACU) ("Growth Capital" or the "Company") today announced the pricing of its initial public offering of 15,000,000 units at a price of $10.00 per unit. The units are expected to begin trading on the Nasdaq Capital Market (“Nasdaq”) on January 29, 2021 under the symbol “GCACU”. Each unit consists of one share of 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. Once the securities comprising the units begin separate trading, the shares of Class A common stock and warrants are expected to be traded on the Nasdaq under the symbols “GCAC” and “GCACW,” respectively. No fractional warrants will be issued upon separation of the units and only whole warrants will trade.

Maxim Group LLC is acting as sole book-running manager for the offering. Roth Capital Partners is acting as the qualified independent underwriter for the offering.

The Company has granted the underwriters a 45-day option to purchase up to 2,250,000 additional units at the initial public offering price to cover over-allotments, if any. The offering is expected to close on February 2, 2021, subject to customary closing conditions.

A registration statement relating to the securities was declared effective by the SEC on January 29, 2021. The offering is being made only by means of a prospectus, copies of which may be obtained by contacting Maxim Group LLC, 405 Lexington Avenue, New York, New York 10174. Copies of the registration statement can be accessed through the SEC's website at www.sec.gov.

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.

About Growth Capital Acquisition Corp.

Growth Capital is a Delaware blank check company, also commonly referred to as a Special Purpose Acquisition Company (or SPAC), 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 or entities. The Company's efforts to identify a target business will not be limited to a particular industry or geographic region. Growth Capital is led by our Co-Chief Executive Officers Akis Tsirigakis and George Syllantavos and Maxim Group LLC and received financial backing from HB Strategies LLC, an affiliate of Hudson Bay Capital Management LP.

Forward-Looking Statements

This press release contains statements that constitute "forward-looking statements," including the successful consummation of the offering and the anticipated use of the net proceeds. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or that the net 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 and preliminary prospectus for the offering filed with the Securities and Exchange Commission ("SEC"). Copies will be 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. 

Company Contact: George Syllantavos co-CEO & CFO Growth Capital Acquisition Corp. Email: inquiries@gcacorp.com Website: www.gcacorp.com

FAQ

What is the price of the GCACU IPO?

The IPO is priced at $10.00 per unit.

When will GCACU begin trading?

GCACU is expected to begin trading on January 29, 2021.

What does each GCACU unit consist of?

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

What is the exercise price for the warrants in the GCACU IPO?

The exercise price for each whole warrant is $11.50.

Who is managing the GCACU offering?

Maxim Group LLC is the sole book-running manager for the offering.

What is the symbol for GCACU shares once they start trading separately?

The shares will trade under the symbol 'GCAC', and the warrants under 'GCACW'.