Iron Spark I Inc. Announces Closing of Over-Allotment Option

Rhea-AI Summary

Iron Spark I Inc. (NASDAQ: ISAA) announced the closing of an additional issuance of 1,680,000 shares of Class A Common Stock, generating gross proceeds of $16,800,000. This brings the total gross proceeds from its initial public offering to $166,800,000. The shares were sold at the initial offering price of $10.00 each. Morgan Stanley served as the sole book-running manager for this offering, and the SEC declared the registration statement effective on June 8, 2021. The company aims to pursue mergers or acquisitions with consumer brands valued between $750 million and $3 billion.

Positive

• Generated an additional $16.8 million from the sale of 1,680,000 shares.
• Total gross proceeds from the IPO reached $166.8 million.
• Company has a clear strategy to target consumer brands with significant enterprise value.

Negative

• None.

Iron Spark I Inc. (NASDAQ Capital Market: ISAA) ("Iron Spark" or the "Company"), a special purpose acquisition company, today announced the closing of the issuance of an additional 1,680,000 shares of Class A Common Stock (the “Over-Allotment Option Shares”) pursuant to the partial exercise of the underwriters’ over-allotment option in connection with the Company’s initial public offering. The additional units were sold at the initial offering price of $10.00 per unit, generating additional gross proceeds of $16,800,000 to the Company and bringing the total gross proceeds of the initial public offering to $166,800,000. Closing of the issuance of the Over-Allotment Option Shares occurred on June 16, 2021.

Morgan Stanley acted as sole book-running manager in the offering.

A registration statement relating to these securities was declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on June 8, 2021. The offering was made only by means of a prospectus, copies of which may be obtained by contacting Morgan Stanley & Co. LLC, Attn: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014. Copies of the registration statement can be accessed through the SEC's website at www.sec.gov.

This press release shall not constitute an offer to sell or a 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.

About Iron Spark I Inc.

Iron Spark I Inc. is a newly incorporated blank check company incorporated as a Delaware corporation for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. Although there is no restriction or limitation on what industry or geographic region our target operates in, it is our intention to pursue prospective targets that are consumer brands with an enterprise value between $750 million and $3 billion. The Company will pay a quarterly dividend of $0.05 per outstanding share of Class A common stock.

Forward-Looking Statements

This press release includes forward-looking statements that involve risks and uncertainties. Forward looking statements are statements that are not historical facts. Such forward-looking statements, including with respect to the Company’s initial public offering and search for an initial business combination, are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. No assurance can be given 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. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210715005319/en/

FAQ

What is Iron Spark I Inc.'s stock symbol?

Iron Spark I Inc.'s stock symbol is ISAA.

How much did Iron Spark I raise in its initial public offering?

Iron Spark I raised a total of $166.8 million in its initial public offering.

What was the price of the shares sold in the recent offering?

The shares sold in the recent offering were priced at $10.00 each.

Who managed the offering for Iron Spark I?

Morgan Stanley acted as the sole book-running manager for the offering.

What type of companies does Iron Spark I aim to acquire?

Iron Spark I aims to acquire consumer brands with an enterprise value between $750 million and $3 billion.