Ignyte Acquisition Corp. Announces Separate Trading of its Common Stock and Warrants
Ignyte Acquisition Corp. (NASDAQ: IGNYU) announced that on or about March 12, 2021, holders of its IPO units can trade shares of common stock and warrants separately on the Nasdaq. The common stock will trade under the symbol "IGNY" and warrants under "IGNYW." Units not separated will continue to trade under "IGNYU." Ignyte is a blank check company aimed at merging with businesses, focusing on the life sciences, biotechnology, and healthcare sectors. EarlyBirdCapital managed the IPO completed in February 2021.
- Separation of units into common stock and warrants allows for enhanced liquidity.
- Focus on life sciences, biotechnology, and healthcare sectors aligns with industry growth potential.
- As a blank check company, there are no established revenue streams currently.
Ignyte Acquisition Corp. (NASDAQ: IGNYU) (the “Company”) announced today that, commencing on or about March 12, 2021, holders of its units sold in the Company’s initial public offering may elect to separately trade shares of the Company’s common stock and warrants included in the units. The shares of common stock and warrants that are separated will trade on the Nasdaq Capital Market (“Nasdaq”) under the symbols “IGNY” and “IGNYW,” respectively. No fractional warrants will be issued upon separation of the units and only whole warrants will trade. Those units not separated will continue to trade on Nasdaq under the symbol “IGNYU.” Holders of units will need to have their brokers contact Continental Stock Transfer & Trust Company, the Company’s transfer agent, in order to separate the units into shares of common stock and warrants.
Ignyte Acquisition Corp. 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 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.
EarlyBirdCapital, Inc. acted as the sole book running manager for the Company’s initial public offering which was consummated in February 2021. A registration statement relating to the Company’s offer and sale of these securities was filed with the Securities and Exchange Commission (“SEC”) and was declared effective on January 27, 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.” 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 prospectus for the initial public 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210310005567/en/
FAQ
When can holders of IGNYU units separate them into common stock and warrants?
What symbols will the separated shares trade under?
What is the focus of Ignyte Acquisition Corp. in finding a target business?
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