Kernel Group Holdings, Inc. Announces Pricing of Upsized $265 Million Initial Public Offering
Kernel Group Holdings, Inc. announced the pricing of its upsized initial public offering (IPO) of 26,500,000 units at $10.00 each, to be listed on Nasdaq under the ticker symbol KRNLU. Trading will begin on February 3, 2021, with the IPO expected to close on February 5, 2021. Each unit includes one Class A ordinary share and one-half of a redeemable warrant, allowing purchase of one Class A share at $11.50. Citigroup Global Markets Inc. acts as sole underwriter and holds a 45-day option for additional units to cover over-allotments.
- Upsized IPO of 26,500,000 units potentially increases investor capital.
- Trading begins soon, providing liquidity and exposure to market participants.
- Potential dilution of shares if the underwriter exercises the 45-day option for additional units.
- Market reception to the IPO is uncertain.
SAN FRANCISCO, Feb. 02, 2021 (GLOBE NEWSWIRE) -- Kernel Group Holdings, Inc. (the “Company”) today announced the pricing of its upsized initial public offering of 26,500,000 units at
Citigroup Global Markets Inc. is serving as sole underwriter for the offering. The Company has granted the underwriter a 45-day option to purchase up to an additional 3,975,000 units at the initial public offering price to cover any over-allotments.
The initial public offering is being made only by means of a prospectus. When available, copies of the prospectus relating to the offering may be obtained for free from the U.S. Securities and Exchange Commission (“SEC”) website www.sec.gov or from Citigroup Global Markets Inc., Attention: Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717 or by telephone at 800-831-9146.
A registration statement relating to the securities became effective on February 2, 2021 in accordance with Section 8(a) of the Securities Act of 1933, as amended. 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.
Cautionary Note Concerning Forward-Looking Statements
This press release contains statements that constitute “forward-looking statements,” including with respect to the proposed initial public offering and the anticipated use of the net proceeds. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or that the net 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 and preliminary prospectus for the Company’s 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.
About Kernel Group Holdings, Inc.
Kernel Group Holdings, Inc. is a special purpose acquisition company formed for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or similar business combination with a business in the Commerce Enablement, Logistics Technologies, Marketplaces and Services space. The founding team is composed of Mark Gross, Vivek Paul, Rakesh Tondon, Brett Northart and Mike Newbold.
Contacts:
info@kernelcap.com
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