InterPrivate II Acquisition Corp. Announces Pricing of Upsized $225 Million Initial Public Offering

Rhea-AI Summary

InterPrivate II Acquisition Corp. has successfully priced its upsized initial public offering (IPO) of 22,500,000 units at $10.00 per unit, amounting to a total offering of $225 million. The IPO will trade under the ticker symbol IPVA.U on the NYSE starting March 5, 2021. Each unit includes one share of Class A common stock and a fifth of a redeemable warrant, convertible at $11.50 per share. The offering is anticipated to close on March 9, 2021. The company targets businesses with an enterprise value of over $1 billion in sectors like auto-tech and consumer services.

Positive

• Successful upsizing of the IPO to 22,500,000 units indicates strong investor interest.
• Total offering value of $225 million provides substantial capital for future business combinations.
• Focus on acquiring businesses with an enterprise value of $1 billion or more suggests potential for significant growth.

Negative

• None.

NEW YORK, March 5, 2021 /PRNewswire/ -- InterPrivate II Acquisition Corp. (the "Company") announced today the pricing of its upsized initial public offering of 22,500,000 units at a price of $10.00 per unit. The units will be listed on the New York Stock Exchange (the "NYSE") and trade under the ticker symbol "IPVA.U" beginning on March 5, 2021. Each unit consists of one share of Class A common stock and one-fifth 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. After 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 "IPVA" and "IPVA WS," respectively. The offering is expected to close on March 9, 2021.

InterPrivate II Acquisition Corp. is a blank check company whose business purpose is to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. While the Company may pursue initial business combination targets in any industry, the Company may pursue sectors including auto-tech and mobility, business services, consumer, retail, e-commerce or industrial technology, or businesses that possesses their own differentiated technology, with a focus on target companies with an enterprise value of $1 billion or more.

Morgan Stanley and EarlyBirdCapital, Inc. are acting as joint book-running managers of the offering. The Company has granted the underwriters a 45-day option to purchase up to an additional 3,375,000 units at the initial public offering price to cover over-allotments, if any.

A registration statement relating to these securities was declared effective by the U.S. Securities and Exchange Commission (the "SEC") on March 4, 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.

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 Morgan Stanley, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014, or by email at prospectus@morganstanley.com; or from EarlyBirdCapital, Inc., 366 Madison Avenue, 8th Floor, New York, NY 10017, Attn: Syndicate Department, 212-661-0200.

Cautionary Note Concerning Forward-Looking Statements 

This press release contains statements that constitute "forward-looking statements," including with respect to the Company's initial public offering and search for an initial business combination. No assurance can be given that such offering 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, 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.

 

Press Contact

Charlotte Luer
InterPrivate 
+1 212 634 0826 
cluer@interprivate.com

 

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SOURCE InterPrivate II Acquisition Corp.

FAQ

What is the IPO pricing for InterPrivate II Acquisition Corp. (IPVA)?

The IPO is priced at $10.00 per unit.

When will the units of InterPrivate II Acquisition Corp. start trading?

The units will start trading on the NYSE under the symbol IPVA.U beginning March 5, 2021.

What is included in each unit of InterPrivate II Acquisition Corp.'s IPO?

Each unit consists of one share of Class A common stock and one-fifth of one redeemable warrant.

What is the expected closing date for InterPrivate II Acquisition Corp.'s IPO?

The offering is expected to close on March 9, 2021.

What types of businesses is InterPrivate II Acquisition Corp. targeting?

The company may target businesses in sectors such as auto-tech, consumer services, and technology, with an enterprise value of over $1 billion.