Locust Walk Acquisition Corp. Announces Completion of $175,000,000 Initial Public Offering, Including Exercise of Over-Allotment Option

Rhea-AI Summary

Locust Walk Acquisition Corp. (NASDAQ: LWACU) has successfully completed its initial public offering, raising $175 million by issuing 17.5 million units at $10.00 per unit, which includes 2.2 million units from the underwriters' over-allotment option. Trading for these units commenced on January 8, 2021. Each unit consists of one share of Class A common stock and one-third of a warrant, with whole warrants exercisable at $11.50 per share. The offering was managed by Cantor Fitzgerald & Co..

Positive

• Successful completion of IPO with gross proceeds of $175 million.
• Inclusion of 2.2 million units from the over-allotment option increases investor confidence.
• Trading of units commenced on Nasdaq, enhancing market visibility.

Negative

• None.

PHILADELPHIA and BOSTON, Jan. 12, 2021 /PRNewswire/ -- Locust Walk Acquisition Corp. (NASDAQ: LWACU) (the "Company"), a blank-check company formed for the purpose of acquiring or merging with one or more businesses, today announced the completion of its initial public offering of 17,500,000 units at a price of $10.00 per unit, which includes 2,200,000 units issued pursuant to the exercise of the underwriters' over-allotment option, for gross proceeds to the Company of $175,000,000. The Company's units began trading on The Nasdaq Capital Market ("Nasdaq") under the symbol "LWACU" on January 8, 2021. Each unit issued in the offering consists of one share of the Company's Class A common stock and one-third of one warrant, with each whole warrant exercisable for one share of Class A common stock at an exercise price of $11.50 per share. Once the securities comprising the units begin separate trading, the Class A common stock and warrants are expected to be listed on Nasdaq under the symbols "LWAC" and "LWACW," respectively. No fractional warrants will be issued upon separation of the units and only whole warrants will trade.

Cantor Fitzgerald & Co. served as the 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 on January 7, 2021. 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.

The offering was made by means of a prospectus, copies of which may be obtained by contacting Cantor Fitzgerald & Co., Attention: Capital Markets, 499 Park Avenue, 5th Floor, New York, New York 10022; Email: prospectus@cantor.com. Copies of the registration statement can be accessed for free through the SEC's website at www.sec.gov.

This press release contains statements that constitute "forward-looking statements," including with respect to the initial public offering. 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 for the offering filed with the Securities and Exchange Commission. The Company undertakes no obligation to update these statements for revisions or changes after the date of this press release, except as required by law.

Contact Information:

James Forte
james@locustwalk.com
(919) 961-4066

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SOURCE Locust Walk Acquisition Corp.

FAQ

What are the details of Locust Walk Acquisition Corp.'s IPO on January 12, 2021?

Locust Walk Acquisition Corp. completed its IPO, raising $175 million by issuing 17.5 million units at $10.00 each, including an over-allotment of 2.2 million units.

What does each unit in the Locust Walk Acquisition Corp. IPO consist of?

Each unit consists of one share of Class A common stock and one-third of a warrant, with each whole warrant exercisable at $11.50 per share.

Who managed the IPO for Locust Walk Acquisition Corp.?

The IPO was managed by Cantor Fitzgerald & Co.