KINS Technology Group Inc. Announces Pricing of Upsized $240 Million Initial Public Offering

Rhea-AI Summary

KINS Technology Group has priced its initial public offering (IPO) of 24 million units at $10.00 per unit, with an upsized offering of 4 million units. Trading under the ticker symbol KINZU on Nasdaq commenced on December 15, 2020. Each unit contains one share of Class A common stock and one-half of a redeemable warrant, entitling holders to purchase additional shares at $11.50 each. The company has given underwriters a 45-day option for an additional 3.6 million units to cover over-allotments.

Positive

• Initial public offering priced at $10.00, with a total of 24 million units.
• Upsized offering of 4 million units indicates strong demand.
• Potential for additional capital through the underwriters' option for 3.6 million units.

Negative

• Market reaction to IPO pricing and performance not guaranteed.
• Dilution risk from potential exercise of warrants at $11.50.

PALO ALTO, Calif., Dec. 15, 2020 (GLOBE NEWSWIRE) -- KINS Technology Group Inc. (the “Company”) announced today that it priced its initial public offering of 24,000,000 units at $10.00 per unit, reflecting an upsize of 4,000,000 units. The units will be listed on The Nasdaq Capital Market (“Nasdaq”) and trade under the ticker symbol “KINZU” beginning December 15, 2020. Each unit consists of one share of Class A common stock and one-half 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. Only whole warrants are exercisable. The Company has granted the underwriters a 45-day option to purchase up to an additional 3,600,000 units at the initial public offering price to cover over-allotments, if any.

Once the securities comprising the units begin separate trading, the shares of Class A common stock and redeemable warrants are expected to be listed on Nasdaq under the symbols “KINZ” and “KINZW,” respectively.

The Company is a blank check company focused on transformational technology companies 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

UBS Securities LLC, Stifel, Nicolaus & Company, Incorporated and BTIG, LLC are acting as joint book-running managers.

The offering is being made only by means of a prospectus. When available, copies of the prospectus may be obtained from UBS Securities LLC, Attention: Prospectus Department, 1285 Avenue of the Americas, New York, NY 10019, by telephone at (888) 827-7275 or by email at ol-prospectusrequest@ubs.com or Stifel, Nicolaus & Company, Incorporated, Attn: Syndicate Department, One South Street, 15th Floor, Baltimore, Maryland 21202, email: syndprospectus@Stifel.com or by telephone at (855) 300-7136; or BTIG, LLC, 65 East 55th Street, New York, NY 10022, or by e-mail at equitycapitalmarkets@btig.com.

Registration statements relating to the securities became effective on December 14, 2020. 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.

Forward-Looking Statements

This press release contains statements that constitute “forward-looking statements,” including with respect to the proposed initial public offering. No assurance can be given that the offering will be completed on the terms described, or at all. 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 Company’s offering filed with the U.S. Securities and Exchange Commission (the “SEC”) and the preliminary prospectus included therein. Copies of these documents 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.

Investor Contact:

KINS Technology Group Inc.
Khurram P. Sheikh
Chairman & Chief Executive Officer
khurram@kins-tech.com

FAQ

What is the ticker symbol for KINS Technology Group?

The ticker symbol for KINS Technology Group is KINZU.

When did KINS Technology Group go public?

KINS Technology Group went public on December 15, 2020.

What is included in each unit offered by KINS Technology Group?

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

What is the exercise price for the warrants issued by KINS Technology Group?

The exercise price for the warrants is $11.50 per share.

How many units did KINS Technology Group initially offer?

KINS Technology Group initially offered 24 million units.

Is there an option for additional units in KINS Technology Group's IPO?

Yes, underwriters have a 45-day option to purchase up to an additional 3.6 million units.