Insight Acquisition Corp. Announces Pricing of $240 Million Initial Public Offering

Rhea-AI Summary

Insight Acquisition Corp. has announced the pricing of its initial public offering (IPO) of 24 million units at $10.00 each, set to begin trading on the NYSE under the symbol ‘INAQ.U’ from September 2, 2021. The offering comprises Class A common stock and redeemable warrants, with the latter exercisable at $11.50 per share. The company, focused on FinTech and financial services, aims for mergers or acquisitions with firms valued between $750 million and $1.5 billion. Cantor Fitzgerald & Co. leads the offering, which includes a 45-day over-allotment option for underwriters.

Positive

• Successful pricing of the IPO at $10.00 per unit.
• Focus on acquiring businesses in the growing FinTech sector.
• Potential to raise substantial capital through additional unit options.

Negative

• Market risks associated with the completion of the offering.
• No guaranteed success in finding a suitable business combination.

NEW YORK, Sept. 01, 2021 (GLOBE NEWSWIRE) -- Insight Acquisition Corp. (the “Company”) today announced the pricing of its initial public offering of 24,000,000 units at a price of $10.00 per unit. The units will be listed on the New York Stock Exchange (“NYSE”) and trade under the ticker symbol “INAQ.U” beginning on Sept 2, 2021. Each unit consists of one share of Class A common stock and one-half of one redeemable warrant, with each whole warrant exercisable to purchase one share of Class A common stock at a price of $11.50 per share. Only whole warrants will be exercisable. Once the securities comprising the units begin separate trading, the shares of Class A common stock and warrants are expected to be listed on the NYSE under the symbols “INAQ” and “INAQ WS,” respectively.

Insight 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. The Company intends to focus on businesses in the FinTech or financial services industry with an enterprise value of approximately $750 million to $1.5 billion, with particular emphasis on businesses that are providing or changing technology for traditional financial services (“FinTech”), those in the wealth, investment, asset management and insurance sectors, or certain types of technology companies that provide services to the FinTech or financial services companies.

Cantor Fitzgerald & Co. is acting as the sole book-running manager for the offering. Odeon Capital Group, LLC is acting as lead manager for the offering. The Company has granted the underwriters a 45-day option to purchase up to an additional 3,600,000 units at the initial public offering price to cover over-allotments, if any.

The offering is being made only by means of a prospectus. When available, copies of the prospectus relating to this offering may be obtained 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 declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on September 1, 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 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 search for an initial business combination. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or that the 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 initial public offering filed with the SEC. Copies are available on the SEC’s website at 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

Cody Slach
Gateway Investor Relations
(949) 574-3860
INAQ@gatewayir.com

 

FAQ

What are the details of Insight Acquisition Corp's IPO?

Insight Acquisition Corp. is pricing its IPO at $10.00 per unit, consisting of a share of Class A common stock and half a warrant, with trading starting on September 2, 2021.

What will the symbols for the Class A shares and warrants be on the NYSE?

The Class A shares will trade under the symbol 'INAQ' and the warrants under 'INAQ.WS' once they begin separate trading.

What is the focus of Insight Acquisition Corp in terms of acquisitions?

The company targets businesses in the FinTech and financial services industry, seeking firms valued between $750 million and $1.5 billion.

Who is managing Insight Acquisition Corp's IPO?

Cantor Fitzgerald & Co. is the sole book-running manager for the offering, with Odeon Capital Group, LLC serving as the lead manager.

Is there an option for over-allotments in the IPO?

Yes, underwriters have a 45-day option to purchase up to an additional 3.6 million units at the IPO price.