INSU Acquisition Corp. II Announces Pricing of Upsized $200,000,000 Initial Public Offering

Rhea-AI Summary

INSU Acquisition Corp. II (NASDAQ: INAQU) announced its upsized initial public offering of 20 million units priced at $10.00 each, generating $200 million in gross proceeds. The units will trade on the Nasdaq Capital Market starting September 3, 2020. Each unit includes one share of Class A common stock and one-third of a warrant, with whole warrants exercisable at $11.50 per share. The offering's completion is expected by September 8, 2020, subject to customary conditions, with Cantor Fitzgerald & Co. as the sole book-running manager. A registration statement became effective on the same day.

Positive

• Upsized IPO raising $200 million in gross proceeds.
• Units consist of Class A common stock and warrants, providing potential for future capital gains.
• Sole book-running manager, Cantor Fitzgerald & Co., indicates strong backing and credibility.

Negative

• The offering is subject to customary closing conditions, which introduces uncertainty.
• Forward-looking statements caution about potential risks affecting the offering's completion.

PHILADELPHIA, PA, Sept. 02, 2020 (GLOBE NEWSWIRE) -- INSU Acquisition Corp. II (NASDAQ:INAQU) (the “Company”), a blank-check company formed for the purpose of acquiring or merging with one or more businesses or entities in the insurance industry, today announced the pricing of its upsized initial public offering of 20,000,000 units at a price of $10.00 per unit, for gross proceeds to the Company of $200,000,000. The Company's units will be listed on the Nasdaq Capital Market under the symbol "INAQU" and will begin trading on September 3, 2020. Each unit issued in the offering consists of one share of the Company’s Class A common stock and one-third of one warrant, each whole warrant exercisable for 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 Nasdaq under the symbols “INAQ” and “INAQW,” respectively. No fractional warrants will be issued upon separation of the units and only whole warrants will trade. The closing of the offering is anticipated to take place on or about September 8, 2020, subject to customary closing conditions.

Cantor Fitzgerald & Co. is serving 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 3,000,000 units at the initial public offering price to cover over-allotments, if any. 

A registration statement relating to the units and the underlying securities was declared effective by the Securities and Exchange Commission on September 2, 2020. 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.

The offering is being made only by means of a prospectus, copies of which may be obtained by contacting Cantor Fitzgerald & Co., Attention: Capital Markets, 499 Park Avenue, 5th Floor, New York, New York 10022; Email: prospectus@cantor.com. Copies of the registration statement can be accessed for free through the SEC's website at www.sec.gov.

This press release contains statements that constitute “forward-looking statements,” including with respect to the initial public offering. No assurance can be given that such offering will be completed on the terms described, or at all. 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 preliminary prospectus for the offering filed with the Securities and Exchange Commission. The Company undertakes no obligation to update these statements for revisions or changes after the date of this press release, except as required by law.

Contact Information:

Amanda Abrams
Cohen & Company, LLC
aabrams@cohenandcompany.com
(215) 701-9693

FAQ

What is the purpose of INSU Acquisition Corp. II's IPO?

The IPO aims to raise capital for acquiring or merging with businesses in the insurance industry.

How many units did INSU Acquisition Corp. II offer?

The company offered 20 million units in its initial public offering.

When will INSU Acquisition Corp. II's units start trading?

The units are expected to start trading on September 3, 2020.

What is included in each unit offered by INSU Acquisition Corp. II?

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

What is the exercise price of the warrants from the IPO?

Each whole warrant is exercisable at an exercise price of $11.50 per share.