Global SPAC Partners Co. Announces Closing of Underwriters’ Over-Allotment Option to Purchase Additional Units in Connection with its Initial Public Offering

Rhea-AI Summary

Global SPAC Partners Co. (NASDAQ: GLSPU) announced the issuance of an additional 750,000 units on April 14, 2021, through the underwriters’ over-allotment option, raising $7,500,000. This brings the total gross proceeds from the initial public offering to $167,500,000. Each unit consists of one subunit and one-half of a redeemable warrant, priced at $10.00 per unit. The company's focus is on mergers or acquisitions primarily in Southeast Asia, the Middle East, and North Africa.

Positive

• Total gross proceeds from the IPO now at $167,500,000.
• Strong interest indicated by the over-allotment option being exercised.

Negative

• Potential dilution for existing shareholders due to additional units issued.

New York, New York, April 15, 2021 (GLOBE NEWSWIRE) -- Global SPAC Partners Co. (“Global” or the “Company”) (NASDAQ: GLSPU) announced today that an additional 750,000 units were issued on April 14, 2021 pursuant to the underwriters’ over-allotment option in connection with its initial public offering. The offering was priced at $10.00 per unit, generating additional gross proceeds of $7,500,000 and bringing the total gross proceeds of the initial public offering to $167,500,000. The remaining underwriters’ over-allotment option will not be exercised.

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.

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. 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 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:
Global SPAC Partners Co.
(650) 560-4753
Info@GlobalSPAC.com

FAQ

What are the details of Global SPAC Partners' recent IPO?

Global SPAC Partners Co. issued an additional 750,000 units at $10.00 per unit, raising $7,500,000, totaling $167,500,000 in gross proceeds.

How does the over-allotment option impact GLSPU shareholders?

The exercise of the over-allotment option may lead to dilution for existing shareholders.

When did Global SPAC Partners begin trading on NASDAQ?

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

What is the intended focus of Global SPAC Partners?

The company aims to pursue mergers or acquisitions in the Southeast Asia, Middle East, and North Africa regions.

What components are included in a unit of GLSPU?

Each unit consists of one subunit and one-half of a redeemable warrant.