LatAmGrowth SPAC Announces Closing of $130,000,000 Initial Public Offering

Rhea-AI Summary

LatAmGrowth SPAC has successfully closed its initial public offering, raising $130 million by offering 13 million units at $10.00 each. The units, which trade under the symbol LATGU, started trading on Nasdaq on January 25, 2022. Each unit comprises one Class A ordinary share and a half redeemable warrant, with the full warrant exercisable at $11.50 per share. The company aims to identify high-growth opportunities in Latin America and the U.S. that cater to the Hispanic community.

Positive

• Successfully raised $130 million through the initial public offering.
• Attractively priced units at $10.00, allowing investor participation.
• Focus on high-growth companies in Latin America and U.S. Hispanic markets.

Negative

• No assurance of completing a business combination, posing potential investor risk.

NEW YORK, Jan. 27, 2022 /PRNewswire/ -- LatAmGrowth SPAC (the "Company") today announced the closing of its initial public offering of 13,000,000 units at a price of $10.00 per unit. The Company's units began trading on The Nasdaq Global Market (the "Nasdaq") under the ticker symbol "LATGU" on January 25, 2022. Each unit consists of one Class A ordinary share and one-half of one redeemable warrant, with each whole warrant exercisable to purchase one Class A ordinary share at a price of $11.50 per share. Once the securities comprising the units begin separate trading, the Class A ordinary shares and the warrants are expected to be listed on the Nasdaq under the symbols "LATG" and "LATGW," respectively.

The Company is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. The Company is led by Chairman of the Board Eduardo Cortina, Chief Investment Officer Gerardo Mendoza Llanes and Chief Executive Officer Gerard Cremoux. The Company intends to focus its search on high growth companies in Latin America, including Brazil, as well as businesses in the United States that cater to the Hispanic community: (1) with significant technological advantages, and/or (2) that are well positioned to benefit from the favorable structural and secular trends of the emerging middle class.

BofA Securities and Banco BTG Pactual S.A. — Cayman Branch acted as the book-running managers. The Company has granted the underwriters a 45-day option to purchase up to an additional 1,950,000 units at the initial public offering price to cover over-allotments, if any.

The offering was made only by means of a final prospectus. Copies of the final prospectus may be obtained from BofA Securities, Inc. at NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte NC 28255-0001, Attn: Prospectus Department, or email dg.prospectus_requests@bofa.com or from Banco BTG Pactual S.A. — Cayman Branch at 601 Lexington Avenue, 57th Floor, New York, New York 10022, Attention: Prospectus Department, or email at: OL-BTGPactual-ProspectusDepartment@btgpactual.com.

The registration statement relating to the securities became effective on January 24, 2022. 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 Company's search for an initial business combination. No assurance can be given 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 final prospectus for the Company's offering filed with the U.S. Securities and Exchange Commission (the "SEC"). Copies of these documents are available on the SEC's website, www.sec.gov. Any forward-looking statement in this press release speaks only as to the date of this press release. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Contacts

Investors
LatAmGrowth SPAC
Gerard Cremoux
Chief Executive Officer & Chief Financial Officer
cremoux@latamg.com

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SOURCE LatAmGrowth SPAC

FAQ

What was the total amount raised in the LATGU IPO?

LatAmGrowth SPAC raised a total of $130 million in its initial public offering.

When did the LATGU units begin trading?

The LATGU units began trading on Nasdaq on January 25, 2022.

What does each LATGU unit consist of?

Each LATGU unit consists of one Class A ordinary share and one-half of one redeemable warrant.

What is the exercise price for the LATGU warrants?

The LATGU warrants are exercisable at a price of $11.50 per share.

What is the primary focus of LatAmGrowth SPAC?

LatAmGrowth SPAC focuses on high growth companies in Latin America and businesses in the U.S. serving the Hispanic community.