Ignyte Acquisition Corp. Announces Pricing of $50,000,000 Initial Public Offering

Rhea-AI Summary

Ignyte Acquisition Corp. (NASDAQ:IGNYU) has priced its initial public offering of 50 million units at $10.00 each, set to trade on Nasdaq starting January 28, 2021. Each unit includes one share of common stock and one-half warrant at $11.50 per share. EarlyBirdCapital, Inc. is the sole book runner, with an option for underwriters to purchase an additional 750,000 units. The company aims to merge with targets in life sciences, biotechnology, and healthcare sectors. A registration statement was declared effective on January 27, 2021.

Positive

• Initial public offering priced at $10.00 per unit, attracting market interest.
• Strategic focus on life sciences, biotechnology, and healthcare sectors.
• Potential for growth through mergers and acquisitions.

Negative

• Market risks associated with the successful consummation of the IPO.

Ignyte Acquisition Corp. (NASDAQ:IGNYU) (the “Company”) announced today that it priced its initial public offering of 50,000,000 units at $10.00 per unit. The units will be listed on the Nasdaq Capital Market (“Nasdaq”) and trade under the ticker symbol “IGNYU” beginning January 28, 2021. Each unit consists of one share of common stock and one-half of one warrant to purchase one share of common stock at a price of $11.50 per share, subject to adjustment. Once the securities comprising the units begin separate trading, the common stock and warrants are expected to be listed on Nasdaq under the symbols “IGNY” and “IGNYW,” respectively.

EarlyBirdCapital, Inc. is acting 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 750,000 units at the initial public offering price to cover over-allotments, if any.

The offering is being made only by means of a prospectus. Copies of the prospectus may be obtained, when available, from EarlyBirdCapital, Inc., 366 Madison Avenue, 8th Floor, New York, NY 10017, Attn: Investor Relations, 212-661-0200. Copies are also available on the Securities and Exchange Commission’s website, www.sec.gov.

A registration statement relating to these securities has been declared effective by the Securities and Exchange Commission on January 27, 2021. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, 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.

Ignyte Acquisition Corp. is a blank check company organized for the purpose of effecting a merger, capital stock exchange, asset acquisition or other similar business combination with one or more businesses or entities. The Company’s efforts to identify a prospective target business will not be limited to any particular industry or geographic region, although the Company currently intends to focus on target businesses in the life sciences, biotechnology and healthcare sectors. The Company is led by Chairman and Co-Chief Executive Officer, David Rosenberg, Co-Chief Executive Officer, David J. Strupp, Jr., and Chief Financial Officer, Steven Kaplan.

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 the successful consummation of the Company’s initial public offering, are subject to risks and uncertainties, which could cause actual results to differ from the 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.

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FAQ

What is the price of Ignyte Acquisition Corp's IPO units?

The IPO units are priced at $10.00 each.

When will the units of Ignyte Acquisition Corp start trading?

The units will begin trading on Nasdaq on January 28, 2021.

What is included in each unit of Ignyte Acquisition Corp's IPO?

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

Who is managing Ignyte Acquisition Corp's IPO?

EarlyBirdCapital, Inc. is acting as the sole book running manager for the offering.

What business sectors does Ignyte Acquisition Corp target for potential mergers?

The company aims to focus on life sciences, biotechnology, and healthcare sectors.