KludeIn I Acquisition Corp. Announces Pricing of $150,000,000 Initial Public Offering

Rhea-AI Summary

KludeIn I Acquisition Corp. announced the pricing of its initial public offering (IPO) of 15 million units at $10.00 per unit, set to trade under the ticker symbol INKAU on Nasdaq starting January 7, 2021. Each unit includes one share of Class A common stock and half a redeemable warrant, allowing for the purchase of additional shares at $11.50 each. The IPO is expected to close on January 11, 2021, with a 45-day option for underwriters to purchase up to 2.25 million additional units. The Company aims to engage in business combinations in various sectors.

Positive

• Pricing of IPO at $10.00 per unit may attract investor interest.
• Potential for capital infusion from the IPO to support future business combinations.
• Established leadership team with experience in capital markets.

Negative

• Market risks associated with being a blank check company.
• Dependence on successful merger or acquisition to realize business goals.

Berkeley, CA, Jan. 06, 2021 (GLOBE NEWSWIRE) -- KludeIn I Acquisition Corp. (the “Company”) today announced the pricing of its initial public offering of 15,000,000 units at $10.00 per unit. The units will be listed on the Nasdaq Stock Market and trade under the ticker symbol “INKAU” beginning Thursday, January 7, 2021.

Each unit consists of one share of the Company’s Class A common stock and one-half of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one share of the Company’s Class A common stock at a 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 the Nasdaq Stock Market under the symbols “INKA” and “INKAW,” respectively. The initial public offering is expected to close on Monday, January 11, 2021, subject to customary closing conditions.

The Company is a newly incorporated 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 is led by Narayan Ramachandran, Chief Executive Officer and Sriram Raghavan, Co-President.

BTIG, LLC is acting as sole book-running manager and I-Bankers Securities, Inc. is acting as co-manager of the offering. The Company has granted the underwriters a 45-day option to purchase up to 2,250,000 additional units at the initial public offering price to cover over-allotments, if any.

The initial public offering is being made only by means of a prospectus. Copies of the prospectus relating to the offering may be obtained from BTIG, LLC, 65 East 55th Street, New York, NY 10022, or by e-mail at equitycapitalmarkets@btig.com.

A registration statement relating to the securities sold in the initial public offering has been filed with, and declared effective by, the Securities and Exchange Commission (“SEC”) on January 6, 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. 

Cautionary Note Concerning 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 thereof. 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 Company’s 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 

KludeIn I Acquisition Corp.
1096 Keeler Avenue
Berkeley, CA 94708
pr@kludein.com

FAQ

What is the purpose of KludeIn I Acquisition Corp's IPO?

The IPO aims to raise capital for executing mergers, asset acquisitions, or similar business combinations.

When will KludeIn I Acquisition Corp's shares start trading?

Shares are expected to begin trading on January 7, 2021, under the ticker symbol INKA.

What is included in each unit in the IPO?

Each unit consists of one share of Class A common stock and half a redeemable warrant.

What is the price for additional shares under the warrants?

The warrants allow holders to purchase additional shares of Class A common stock at a price of $11.50 each.

When is the IPO expected to close?

The IPO is expected to close on January 11, 2021, subject to customary closing conditions.