Locust Walk Acquisition Corp. Announces Pricing of Upsized $153,000,000 Initial Public Offering

Rhea-AI Summary

Locust Walk Acquisition Corp. (NASDAQ:LWACU) has announced the pricing of its upsized IPO, issuing 15,300,000 units at $10.00 per unit, garnering gross proceeds of $153 million. Trading begins on January 8, 2021. Each unit comprises one Class A common stock share and one-third of a warrant, with whole warrants exercisable at $11.50 per share. The offering, expected to close around January 12, 2021, is managed by Cantor Fitzgerald & Co., which has a 45-day option to purchase an additional 2,295,000 units for over-allotments.

Positive

• Successful upsizing of IPO to 15,300,000 units indicates strong market interest.
• Gross proceeds of $153 million provide significant capital for future business operations.

Negative

• None.

PHILADELPHIA and BOSTON, Jan. 7, 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 pricing of its upsized initial public offering of 15,300,000 units at a price of $10.00 per unit, for gross proceeds to the Company of $153,000,000. The Company's units will be listed on The Nasdaq Capital Market ("Nasdaq") under the symbol "LWACU" and will begin trading 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. The closing of the offering is anticipated to take place on or about January 12, 2021, subject to customary closing conditions.

Cantor Fitzgerald & Co. is serving as sole book-running manager for the offering. The Company has granted the underwriters a 45-day option to purchase up to an additional 2,295,000 units at the initial public offering price to cover over-allotments, if any. 

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 is being made only 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. No assurance can be given that such offering will be completed on the terms described, or at all. 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 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.

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SOURCE Locust Walk Acquisition Corp.

FAQ

What is the total amount raised in Locust Walk Acquisition Corp's IPO?

The total amount raised is $153 million.

When will trading for LWACU units begin?

Trading will begin on January 8, 2021.

What is included in each unit sold in the IPO?

Each unit consists of one share of Class A common stock and one-third of a warrant.

What is the expected closing date for the IPO?

The expected closing date is around January 12, 2021.

Who is managing the IPO for Locust Walk Acquisition Corp?

Cantor Fitzgerald & Co. is serving as the sole book-running manager.