Gladstone Acquisition Corporation Announces Closing of Initial Public Offering

Rhea-AI Summary

Gladstone Acquisition Corporation (NASDAQ:GLEEU) has successfully closed its initial public offering (IPO) of 10,000,000 units priced at $10.00 each. The IPO proceeds will support business combination initiatives, particularly within the farming and agriculture sectors, an area where the management team excels. Each unit consists of one share of Class A common stock and one-half of a redeemable warrant, enabling investors to purchase additional shares. The units are now trading on the Nasdaq under the symbol GLEEU, with warrants expected to trade under GLEEW.

Positive

• Successfully closed IPO raising $100 million.
• Focus on farming and agricultural sectors, leveraging management expertise.
• Potential for additional 1,500,000 units through over-allotment option.

Negative

• None.

MCLEAN, VA / ACCESSWIRE / August 10, 2021 / Gladstone Acquisition Corporation (NASDAQ:GLEEU) ("Gladstone" or the "Company"), a newly organized 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, today announced the closing of its initial public offering (the "Offering") of 10,000,000 units at $10.00 per unit. Each unit consists of one share of Class A common stock and one-half of one redeemable warrant.

The Company's units began trading on the Nasdaq Capital Market on August 5, 2021 under the ticker symbol "GLEEU." Once the securities comprising the units begin separate trading, the shares of common stock and warrants are expected to be listed on the Nasdaq Capital Market under the ticker symbols "GLEE" and "GLEEW", respectively. Each warrant entitles the holder thereof to purchase one-half of one share of Class A common stock at a price of $11.50 per share. Only whole warrants are exercisable.

While the Company may pursue an initial business combination target in any business or industry, it intends to focus its search on the farming or agricultural sector, including farming related operations and businesses that support the farming industry, where its management team has extensive experience.

EF Hutton, division of Benchmark Investments, LLC, acted as Sole Book-Running Manager for the Offering. Cooley LLP acted as counsel to Gladstone, and Loeb & Loeb LLP acted as counsel for the underwriter. The underwriters have been granted a 45-day option to purchase up to an additional 1,500,000 units at the initial public offering price to cover over-allotments, if any.

The units described above were offered by the Company pursuant to a registration statement on Form S-1 (File No. 333-252916) that was declared effective on August 4, 2021. The Offering was made only by means of a prospectus, copies of which may be obtained, from: EF Hutton, division of Benchmark Investments, LLC, 590 Madison Avenue, 39^th Floor, New York, NY 10022, Attention: Syndicate Department, or via email at syndicate@efhuttongroup.com or telephone at (212) 404-7002, or by visiting EDGAR on 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 any of the securities described herein, 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 includes forward-looking statements that involve risks and uncertainties. Forward-looking statements are statements that are not historical facts. Such forward-looking statements, including with respect to the anticipated use of the proceeds of the Offering, are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements, including those set forth in the risk factors section of the prospectus for the Offering. Copies of these documents can be accessed through the SEC's website at www.sec.gov. No assurance can be given that the net proceeds of the Offering will be used as indicated. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based, except as required by law.

Contact:

Gladstone Acquisition Corporation
+1-703-287-5893

SOURCE: Gladstone Acquisition Corporation

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FAQ

What is the purpose of Gladstone Acquisition Corporation's IPO?

The IPO aims to raise capital for potential business combinations in the farming and agricultural sectors.

How many units were sold in the Gladstone Acquisition Corporation IPO?

Gladstone sold 10,000,000 units during its initial public offering.

What is the stock symbol for Gladstone Acquisition Corporation?

The stock symbol is GLEEU.

What does each unit of the IPO consist of?

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

What is the expected trading symbol for the warrants?

The warrants are expected to trade under the symbol GLEEW.