Gesher I Acquisition Corp. Announces Closing of Full Over-Allotment Option from Initial Public Offering

Rhea-AI Summary

Gesher I Acquisition Corp. announced the successful closure of the sale of an additional 1,500,000 units at $10.00 each, yielding total gross proceeds of $15,000,000. This sale is part of the overall allotment option related to the company’s initial public offering, which raised $115,000,000 altogether. The units are now trading on Nasdaq under the ticker symbol GIACU. Each unit includes one ordinary share and a half warrant, with the ordinary share set to trade under GIAC.

Positive

• Raised gross proceeds of $15,000,000 through additional unit sales.
• Total proceeds from the IPO reached $115,000,000, enhancing financial position.

Negative

• None.

TEL AVIV, Israel, Oct. 21, 2021 /PRNewswire/ -- Gesher I Acquisition Corp. (the "Company") announced today that it closed the sale of an additional 1,500,000 units at $10.00 per unit for aggregate gross proceeds of $15,000,000 pursuant to the underwriters' over-allotment option granted in connection with the Company's initial public offering.  Total proceeds raised in the initial public offering, including the over-allotment option exercise, was $115,000,000.  The units are listed on the Nasdaq Global Market ("Nasdaq") and commenced trading under the ticker symbol "GIACU" on October 12, 2021. Each unit consists of one ordinary share and one-half of one redeemable warrant, each whole warrant entitling the holder thereof to purchase one ordinary share at a price of $11.50 per share, subject to adjustment. Only whole warrants are exercisable and will trade. Once the securities comprising the units begin separate trading, the ordinary shares and redeemable warrants are expected to be listed on Nasdaq under the symbols "GIAC" and "GIACW," respectively. 

Sponsored by principals at Varana Capital, High House Investments and Newtyn Management, Gesher I Acquisition Corp. is a Cayman Islands exempted company incorporated as a blank check company for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or similar business combination with one or more businesses or entities. The Company's efforts to identify a prospective target business will not be limited to a particular industry or geographic region, although the Company intends to initially focus on target businesses located in Israel, particularly those conducting business internationally in Asia, Europe or North America. The Company is led by Ezra Gardner, Chief Executive Officer and Director, Omri Cherni, Chief Operating Officer and Director, and Chris Coward, Chief Financial Officer.

EarlyBirdCapital, Inc. acted as the sole book-running manager for the offering. I-Bankers Securities, Inc. and Ingalls & Snyder, LLC acted as co-managers for the offering.

The offering was made only by means of a prospectus. Copies of the prospectus may be obtained, when available, from EarlyBirdCapital, Inc., 366 Madison Avenue, 8th Floor, New York, NY 10017, Attn: Syndicate Department, 212-661-0200.

A registration statement relating to these securities has been filed with the Securities and Exchange Commission ("SEC") and became effective on October 12, 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 proposed initial public offering and the anticipated use of net proceeds. No assurance can be given 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 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. 

Contacts
Ezra Gardner, CEO
(212) 993-1560

 

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SOURCE Gesher Acquisition Corp

FAQ

What is the significance of the additional unit sale by Gesher I Acquisition Corp on October 21, 2021?

The additional unit sale raised $15,000,000, contributing to total IPO proceeds of $115,000,000.

How many units were sold in the additional offering of Gesher I Acquisition Corp?

An additional 1,500,000 units were sold at $10.00 each.

What is the ticker symbol for Gesher I Acquisition Corp on Nasdaq?

The ticker symbol is GIACU.

How will the units of Gesher I Acquisition Corp be traded separately?

Once separate trading begins, ordinary shares will trade under GIAC and redeemable warrants under GIACW.

Who managed the initial public offering for Gesher I Acquisition Corp?

EarlyBirdCapital, Inc. acted as the sole book-running manager.