Group Nine Acquisition Corp. Announces Closing Of $230M Initial Public Offering, Including Full Exercise Of The Underwriters' Over-Allotment Option

Rhea-AI Summary

Group Nine Acquisition Corp. (GNAC) has successfully closed its IPO, raising $230 million by offering 23 million units at $10.00 each. The closing included the full exercise of the underwriters' over-allotment option. Each unit comprises one share of Class A common stock and one-third of a redeemable warrant. The units started trading on Nasdaq under the symbol GNACU on January 15, 2021. The company, formed by Group Nine Media, aims to engage in various business combinations with other entities.

Positive

• Successfully raised $230 million through the IPO.
• Units began trading on Nasdaq, indicating strong market interest.
• Formation of a robust executive team with experienced leaders from Group Nine Media.

Negative

• None.

NEW YORK, Jan. 20, 2021 /PRNewswire/ -- Group Nine Acquisition Corp. ("GNAC" or the "Company"), announced today the closing of its initial public offering of 23,000,000 units which included the full exercise of the underwriters' over-allotment option, at a price of $10.00 per unit, resulting in aggregate gross proceeds of $230,000,000.

GNAC is a newly organized, blank check company formed by Group Nine Media, Inc. for the purpose of carrying out a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses or entities.

The units began trading on the Nasdaq Capital Market ("Nasdaq") under the ticker symbol "GNACU" on January 15, 2021. Each unit consists of one share of GNAC's Class A common stock and one-third of one redeemable warrant, each whole warrant entitling the holder thereof to purchase one share of Class A common stock at an exercise price of $11.50 per share. Once the securities comprising the units begin separate trading, the Class A common stock and warrants are expected to be listed on the Nasdaq under the symbols "GNAC" and "GNACW," respectively. No fractional warrants will be issued upon separation of the units and only whole warrants will trade.

The company is led by Chief Executive Officer and Director Ben Lerer, who concurrently serves as the CEO of Group Nine Media. Brian Sugar, President of Group Nine Media, is President and a director of GNAC. The board of directors include Richard D. Parsons, Co-Founder and Partner of Imagination Capital and a director of Lazard Ltd and Lazard Group as well as the former CEO of Time-Warner and former Chairman of CitiGroup; and Jen Wong, Chief Operating Officer at Reddit and the former President of Digital and COO of Time Inc. Sean Macnew, CFO of Group Nine Media, will be Chief Financial Officer of the Company.

Barclays and Code Advisors served as underwriters for the offering.

The offering was made only by means of a prospectus. Copies of the prospectus may be obtained from Barclays, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, email: barclaysprospectus@broadridge.com, tel: (888) 603-5847.

A registration statement related to these securities has been filed with the Securities and Exchange Commission (SEC) and became effective on January 14, 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 includes forward-looking statements. Forward-looking statements are statements that are not historical facts. Such forward-looking statements are subject to risks and uncertainties, 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 prospectus for the offering filed with the SEC, any of which could cause actual results to differ from such forward-looking statements. 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.

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SOURCE Group Nine Acquisition Corp.

FAQ

What was the total amount raised by Group Nine Acquisition Corp. in its IPO?

Group Nine Acquisition Corp. raised a total of $230 million in its IPO.

When did the units of Group Nine Acquisition Corp. start trading?

The units began trading on the Nasdaq under the symbol GNACU on January 15, 2021.

What does each unit of Group Nine Acquisition Corp. consist of?

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

Who are the key executives of Group Nine Acquisition Corp.?

The company is led by CEO Ben Lerer and President Brian Sugar, with a board including notable figures like Richard D. Parsons and Jen Wong.

What is the intended purpose of Group Nine Acquisition Corp.?

The company aims to execute a merger, capital stock exchange, or similar business combination with other entities.