GX Acquisition Corp. II Announces Closing of $300,000,000 Initial Public Offering

Rhea-AI Summary

GX Acquisition Corp. II has successfully closed its initial public offering of 30 million units at $10.00 each. The units are now listed on Nasdaq under the symbol ‘GXIIU’ and each consists of one Class A share plus one-third of a redeemable warrant, which can be exercised at $11.50. The company aims to pursue a business combination with targets having an enterprise value of over $1 billion. Cantor Fitzgerald served as the sole book-running manager and has a 45-day option for an additional 4.5 million units.

Positive

• Successful IPO raising $300 million.
• Focus on companies with an enterprise value exceeding $1 billion, potentially leading to strategic acquisitions.

Negative

• None.

New York, NY, March 22, 2021 (GLOBE NEWSWIRE) -- GX Acquisition Corp. II (the “Company”) announced today that it closed its initial public offering of 30,000,000 units at $10.00 per unit. The units are listed on the Nasdaq Capital Market (“Nasdaq”) under the ticker symbol “GXIIU”. Each unit consists of one share of the Company’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 a price of $11.50 per share. Only whole warrants are exercisable.  Once the securities comprising the units begin separate trading, shares of the Class A common stock and warrants are expected to be listed on Nasdaq under the symbols “GXII” and “GXIIW,” respectively.

The Company is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. While the Company may pursue an initial business combination target in any business or industry, it intends to focus its search on companies with an enterprise value in excess of $1 billion. The Company is led by Co-Chief Executive Officers Jay Bloom and Dean Kehler, and President Michael Maselli.

Cantor Fitzgerald & Co. acted as the sole book running manager for the offering. The Company has granted the underwriters a 45-day option to purchase up to an additional 4,500,000 units at the initial public offering price to cover over-allotments, if any.

The offering was made only by means of a prospectus. Copies of the prospectus may be obtained, when available, from Cantor Fitzgerald & Co., Attention: Capital Markets, 499 Park Avenue, 5th Floor New York, New York 10022; Email: prospectus@cantor.com.

A registration statement relating to these securities was filed with the Securities and Exchange Commission (the “SEC”) and became effective on March 17, 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 initial public offering and the anticipated use of the 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 final 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.

Contact

Caroline Luz
203-656-2829
cluz@lambert.com

FAQ

What was the IPO price for GX Acquisition Corp. II units?

The IPO price for GX Acquisition Corp. II units was $10.00 per unit.

What is the ticker symbol for GX Acquisition Corp. II?

The ticker symbol for GX Acquisition Corp. II is GXIIU on the Nasdaq.

How many units were offered in GX Acquisition Corp. II's IPO?

GX Acquisition Corp. II offered 30 million units in its IPO.

What will each unit of GX Acquisition Corp. II consist of?

Each unit will consist of one Class A common stock and one-third of a redeemable warrant.

What is the purpose of GX Acquisition Corp. II?

The purpose of GX Acquisition Corp. II is to effect a merger, share exchange, or other business combination.