Global SPAC Partners Co. Announces Closing of $160 Million Initial Public Offering

Rhea-AI Summary

Global SPAC Partners Co. (NASDAQ: GLSPU) completed its initial public offering, raising $160 million with the sale of 16 million units at $10.00 per unit. Trading began on April 9, 2021. Each unit comprises one subunit and half a redeemable warrant, with the option to acquire Class A ordinary shares at $11.50 per share. The company aims to pursue mergers or acquisitions in Southeast Asia, the Middle East, and North Africa. The offering has also granted underwriters a 45-day option to purchase up to 2.4 million additional units.

Positive

• Raised $160 million through initial public offering.
• Plans to pursue acquisitions in high-growth regions.
• Underwriters have a 45-day option for additional units, suggesting strong interest.

Negative

• None.

New York, New York, April 13, 2021 (GLOBE NEWSWIRE) -- Global SPAC Partners Co. (“Global” or the “Company”) (NASDAQ: GLSPU) announced today that it closed its initial public offering of 16,000,000 units, at $10.00 per unit, resulting in gross proceeds of $160,000,000.

The Company’s units began trading on the NASDAQ Capital Market (“NASDAQ”) on April 9, 2021, under the ticker symbol “GLSPU.” Each unit consists of one subunit and one-half of a redeemable warrant. Each subunit consists of one Class A ordinary share and one-quarter of a redeemable warrant. Each full warrant entitles the holder thereof to purchase one Class A ordinary share at a price of $11.50 per share. Once the securities comprising the units begin separate trading, the subunits and warrants are expected to be listed on NASDAQ under the symbols “GLSPT” and “GLSPW,” respectively.  Assuming the Company consummates an initial business combination, the subunits will separate into the underlying Class A ordinary shares and warrants, while the units and subunits will cease to trade.

Global 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 in any geography, business industry or sector, it intends to concentrate its efforts on identifying businesses in the Southeast Asia, Middle East and North Africa regions. The Company is led by Chairman - Jayesh “Jay” Chandan, Chief Executive Officer - Bryant B. Edwards, Chief Operating Officer & President - Stephen N. Cannon and Chief Financial Officer - Long Long.

I-Bankers Securities, Inc. acted as sole manager of the offering. The Company has granted the underwriters a 45-day option to purchase up to an additional 2,400,000 units at the initial public offering price to cover over-allotments, if any.

A registration statement relating to these securities was declared effective by the Securities and Exchange Commission (“SEC”) on April 8, 2021. The offering was made only by means of a prospectus, copies of which may be obtained by contacting I-Bankers Securities, Inc., Attn:  535 5th Ave. 4th Fl, New York, NY 10017

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 and the search for an initial business combination. 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 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.

Investor Contact:

Long Long, CFO
Global SPAC Partners Co.
(650) 560-4753
Info@GlobalSPAC.com

FAQ

What is the purpose of the Global SPAC Partners initial public offering?

The initial public offering aims to raise capital for potential mergers or acquisitions in various markets, focusing on Southeast Asia, the Middle East, and North Africa.

When did Global SPAC Partners Co. start trading on NASDAQ?

Global SPAC Partners Co. began trading on NASDAQ on April 9, 2021, under the ticker symbol GLSPU.

What are the details of the units offered in the IPO?

The IPO consisted of 16 million units priced at $10.00 each, with each unit including one subunit and half a redeemable warrant.

What will happen to the units upon business combination?

Once a business combination is completed, the units will separate into underlying Class A ordinary shares and warrants.

Is there any option for underwriters in this IPO?

Yes, underwriters have a 45-day option to purchase up to 2.4 million additional units at the offering price to cover over-allotments.