KKR Acquisition Holdings I Corp. Announces Pricing of Upsized $1.2 Billion Initial Public Offering

Rhea-AI Summary

KKR Acquisition Holdings I Corp. has announced the pricing of its initial public offering (IPO) of 120,000,000 units at $10.00 per unit. Trading is set to begin on the NYSE under the symbol KAHC.U on March 17, 2021. Each unit includes one share of Class A common stock and one-fourth of a redeemable warrant, with whole warrants priced at $11.50 each. The offering aims to facilitate a merger or acquisition in the consumer or retail sectors. The IPO is expected to close on March 19, 2021.

Positive

• Upsized IPO of 120,000,000 units at $10.00 each, indicating strong investor demand.
• Focus on consumer or retail sectors for future acquisitions, leveraging CEO and KKR platform experience.

Negative

• Forward-looking statements indicate uncertainty in completing the IPO and business combination.
• Potential dilution risk with the underwriters' option to purchase up to 18,000,000 additional units.

KKR Acquisition Holdings I Corp. (the “Company”) today announced the pricing of its upsized initial public offering of 120,000,000 units at a price of $10.00 per unit. The units are expected to be listed for trading on The New York Stock Exchange (the “NYSE”) under the ticker symbol “KAHC.U” beginning March 17, 2021. Each unit consists of one share of the Company’s Class A common stock and one-fourth of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one share of Class A common stock at a price of $11.50 per share. Once the securities comprising the units begin separate trading, the Company expects that its Class A common stock and warrants will be listed on NYSE under the symbols “KAHC” and “KAHC WS,” respectively.

The Company was 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. Although the Company’s efforts to identify a prospective business combination opportunity will not be limited to a particular industry or geographic region, the Company’s acquisition and value creation strategy is to identify, acquire and build a company in the consumer or retail industries. The Company seeks to capitalize on the relationships, knowledge and experiences of its Chief Executive Officer and Executive Chairman, Glenn Murphy, and the KKR platform.

Citigroup Global Markets Inc. is acting as sole book-running manager. Academy Securities, Inc., AmeriVet Securities, Blaylock Van, LLC, Cabrera Capital Markets LLC, CastleOak Securities, L.P., C.L. King & Associates, Inc., Guzman & Company, Loop Capital Markets LLC, Samuel A. Ramirez & Company, Inc., Roberts & Ryan Investments, Inc., Siebert Williams Shank & Co., LLC and Telsey Advisory Group LLC are acting as co-managers. The Company has granted the underwriters a 45-day option to purchase up to 18,000,000 additional units at the initial public offering price to cover over-allotments, if any.

The public offering is being made only by means of a prospectus. When available, copies of the prospectus relating to the offering may be obtained from Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, telephone: (800) 831-9146.

A registration statement relating to the securities, as well as a related registration statement on Form S-1MEF filed with the Securities and Exchange Commission (the “SEC”) pursuant to Rule 462(b) under the Securities Act of 1933, as amended, became effective on March 16, 2021. This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities, 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 expected to close on March 19, 2021, subject to customary closing conditions.

Forward-Looking Statements

This press release contains statements that constitute “forward-looking statements,” including with respect to the proposed initial public offering and the Company’s plans with respect to the target industry for a potential business combination. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or that the Company will ultimately complete a business combination transaction. 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 of these documents are available on the SEC’s website, at 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210317005299/en/

FAQ

What is KKR Acquisition Holdings I Corp.'s initial public offering pricing?

The IPO is priced at $10.00 per unit.

When will KAHC.U start trading on the NYSE?

Trading is expected to commence on March 17, 2021.

What are the components of each unit in the IPO?

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

What is the expected closing date of the IPO?

The IPO is expected to close on March 19, 2021.

What is KKR Acquisition Holdings I Corp.'s acquisition strategy?

The company aims to acquire businesses in the consumer or retail industries.