Integral Acquisition Corporation 1 Announces Closing of $115,000,000 Initial Public Offering

Rhea-AI Summary

Integral Acquisition Corporation 1 (Nasdaq: INTEU) has successfully closed its initial public offering, raising $115 million. The IPO, completed on November 5, 2021, involved the sale of 11,500,000 units, priced at $10.00 each. Each unit contains one share of Class A common stock and half a redeemable warrant, with whole warrants exercisable at $11.50 per share. The proceeds from the IPO will primarily support future business combinations targeting technology companies in Australia and/or New Zealand.

Positive

• Successful IPO raised $115 million, enhancing capital for future acquisitions.
• Focus on technology-oriented companies in Australia and/or New Zealand could yield strategic advantages.
• Participation of Wells Fargo Securities, LLC as sole book-runner underlines credibility.

Negative

• No specific business combination target selected, indicating potential uncertainty in deployment of raised funds.

NEW YORK, Nov. 09, 2021 (GLOBE NEWSWIRE) -- Integral Acquisition Corporation 1 (Nasdaq: INTEU) (the "Company") announced today that, on November 5, 2021, it closed its initial public offering of 11,500,000 units, including 1,500,000 units issued upon exercise in full by the underwriter of its option to purchase additional units. The offering was priced at $10.00 per unit, resulting in gross proceeds of $115,000,000. 

The Company’s units are listed on The Nasdaq Global Market, or Nasdaq, and commenced trading on November 3, 2021 under the ticker symbol “INTEU”. Each unit consists of one share of Class A common stock of the Company and one-half of one redeemable warrant, each whole warrant entitling the holder thereof to purchase one share of Class A common stock at a price of $11.50 per share. Only whole warrants are exercisable. 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 “INTE” and “INTEW,” respectively.

The Company is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses. The Company has not selected any specific business combination target and it has not, nor has anyone on its behalf, engaged in any substantive discussions, directly or indirectly, with any business combination target with respect to an initial business combination with it. The Company intends to target a business combination with a technology-oriented company in Australia and/or New Zealand. The Company is one of only a few SPACs primarily focused on acquisition targets in Australia and/or New Zealand. The Company is led by Chief Executive Officer Enrique Klix.

Wells Fargo Securities, LLC acted as the sole book-runner and manager for the offering.  

Of the proceeds received from the consummation of the initial public offering and a simultaneous private placement of warrants, $116,725,000 (or $10.15 per unit sold in the public offering) was placed in trust. An audited balance sheet of the Company as of November 5, 2021 reflecting receipt of the proceeds upon consummation of the initial public offering and the private placement will be included as an exhibit to a Current Report on Form 8-K to be filed by the Company with the Securities and Exchange Commission (the “SEC”).

The offering was made only by means of a prospectus. Copies of the prospectus may be obtained from Wells Fargo Securities, LLC, Attn: Equity Syndicate Department, 500 West 33rd Street, New York, New York, 10001, by telephone at 1-800-326-5897, or by emailing cmclientsupport@wellsfargo.com.

A registration statement relating to these securities has been declared effective by the Securities and Exchange Commission (the “SEC”) at 5:30 p.m., Eastern time, on November 2, 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,” including with respect to the initial public offering and the anticipated use of the net proceeds. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or that the net 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 and preliminary prospectus for the 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

Enrique Klix
C.E.O.
+61 478 333 002
info@integralacquisition.com

FAQ

What was the purpose of Integral Acquisition Corporation 1's IPO?

The IPO aimed to raise capital for potential mergers and acquisitions, specifically targeting technology-oriented companies in Australia and New Zealand.

How much capital did Integral Acquisition Corporation 1 raise in its IPO?

Integral Acquisition Corporation 1 raised $115 million through its IPO.

What are the stock symbols for Integral Acquisition Corporation 1's securities?

The stock symbols are INTEU for units, INTE for Class A common stock, and INTEW for redeemable warrants.

When did the trading of Integral Acquisition Corporation 1's units begin?

Trading commenced on November 3, 2021.

Who acted as the book-runner for Integral Acquisition Corporation 1's IPO?

Wells Fargo Securities, LLC acted as the sole book-runner for the offering.