Kernel Group Holdings, Inc. Announces the Separate Trading of its Class A Ordinary Shares and Warrants Commencing March 26, 2021
Kernel Group Holdings, Inc. (Nasdaq: KRNLU) announced that starting March 26, 2021, holders of units from its IPO can separately trade Class A shares and warrants. Units not separated will continue to trade under the symbol KRNLU, while separated Class A shares and warrants will trade under KRNL and KRNLW, respectively. The IPO units were offered in an underwritten offering managed by Citigroup Global Markets Inc., with an SEC-declared effective registration statement on February 2, 2021. The press release includes a caution regarding forward-looking statements impacting the company's financial future.
- Holders can separately trade Class A shares and warrants, increasing liquidity options.
- The IPO was managed by Citigroup Global Markets Inc., enhancing credibility.
- The transition to trading separate securities can attract a broader range of investors.
- None.
SAN FRANCISCO, March 23, 2021 (GLOBE NEWSWIRE) -- Kernel Group Holdings, Inc. (Nasdaq: KRNLU) (the “Company”) today announced that, commencing March 26, 2021, holders of the units sold in the Company’s initial public offering of units, completed on February 5, 2021, may elect to separately trade the Class A ordinary shares and warrants included in the units. Those units not separated will continue to trade on the Nasdaq Capital Market (“Nasdaq”) under the symbol “KRNLU,” and the Class A ordinary shares and warrants that are separated will trade on Nasdaq under the symbols “KRNL” and “KRNLW,” 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 Class A ordinary shares and warrants.
The units were initially offered by the Company in an underwritten offering. Citigroup Global Markets Inc. acted as sole book-running manager for the offering. A registration statement relating to the units and the underlying securities was declared effective by the Securities and Exchange Commission (the “SEC”) on February 2, 2021.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities of the Company, 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 was made only by means of a prospectus, copies of which may be obtained 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.
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.
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. 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 statement 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.
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