KINS Technology Group Inc. Announces the Separate Trading of its Class A Common Stock and Redeemable Warrants Commencing February 4, 2021
KINS Technology Group Inc. (Nasdaq: KINZU) has announced that from February 4, 2021, holders of its units from the initial public offering (IPO) can separately trade shares of Class A common stock and redeemable warrants. The IPO, which completed on December 17, 2020, sold 27,600,000 units. Those not separated will continue to trade under the symbol KINZU, while the separated shares and warrants will trade under KINZ and KINZW, respectively. The separation process requires brokers to contact the Company’s transfer agent.
- Holders can now separately trade shares and warrants, potentially increasing market liquidity.
- The IPO raised capital, facilitating future business combinations.
- None.
PALO ALTO, Calif., Feb. 04, 2021 (GLOBE NEWSWIRE) -- KINS Technology Group Inc. (Nasdaq: KINZU) (the “Company”) today announced that, commencing today, February 4, 2021, holders of the units sold in the Company’s initial public offering of 27,600,000 units completed on December 17, 2020, may elect to separately trade the shares of Class A common stock and redeemable warrants included in the units. Those units not separated will continue to trade on The Nasdaq Capital Market (“Nasdaq”) under the symbol “KINZU,” and the shares of Class A common stock and redeemable warrants that are separated will trade on Nasdaq under the symbols “KINZ” and “KINZW,” respectively. No fractional warrants will be issued upon separation of the units and only whole warrants will trade. Holders of units will need to have their brokers contact Continental Stock Transfer & Trust Company, the Company’s transfer agent, in order to separate the units into shares of Class A common stock and redeemable warrants.
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.
The units were initially offered by the Company in an underwritten offering. UBS Securities LLC, Stifel, Nicolaus & Company, Incorporated and BTIG, LLC acted as joint book-running managers in the offering.
The offering was made only by means of a prospectus, copies of which may be obtained for free from the U.S. Securities and Exchange Commission (the “SEC”) website at www.sec.gov or by contacting 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 may include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including with respect to the anticipated separate trading of the Company’s Class A common stock and redeemable warrants and the pursuit of an initial business combination. All statements other than statements of historical fact included in this press release are forward-looking statements. When used in this press release, words such as “anticipate,” “believe,” “estimate,” “expect,” “intend” and similar expressions, as they relate to us or our management team, identify forward-looking statements. Such forward-looking statements are based on the beliefs of management, as well as assumptions made by, and information currently available to, the Company’s management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors detailed in the Company’s filings with the SEC. All subsequent written or oral forward-looking statements attributable to us or persons acting on our behalf are qualified in their entirety by this paragraph. 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 statements and prospectus relating to the Company’s initial public offering filed with the SEC. 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
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