Mission Advancement Corp. Announces Pricing of Upsized $300,000,000 Initial Public Offering

Rhea-AI Summary

Mission Advancement Corp. announced the pricing of its initial public offering (IPO) for 30 million units at $10.00 each, set to trade on the NYSE under the symbol 'MACC.U' from March 3, 2021. Each unit consists of one Class A common stock share and one-third of a warrant, allowing purchasers to buy additional shares at $11.50. The offering aims to raise $300 million, with underwriters given a 45-day option to purchase an additional 4.5 million units. This IPO will help the company seek partnerships with consumer-focused businesses across various sectors.

Positive

• IPO pricing set at $10.00 per unit, raising potential $300 million.
• Underwriters granted a 45-day option for over-allotments, supporting demand.

Negative

• Forward-looking statements indicate uncertainty in offering completion.

PHOENIX, March 2, 2021 /PRNewswire/ -- Mission Advancement Corp. (the "Company" or "MAC") today announced the pricing of its initial public offering ("IPO") of 30,000,000 units at a price of $10.00 per unit. The units will be listed on the New York Stock Exchange (the "NYSE") and trade under the ticker symbol "MACC.U" beginning March 3, 2021. Each unit consists of one share of the Company's Class A common stock, $0.0001 par value, and one-third of one redeemable warrant, with each whole warrant entitling the holder thereof to purchase one share of the Company's 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 ordinary shares and warrants are expected to be listed on the NYSE under the symbols "MACC" and "MACC WS," respectively.

Cantor Fitzgerald & Co and Moelis & Company are acting as joint book-running managers for the offering. Loop Capital Markets is acting as lead manager for the offering. The Company has granted the underwriters a 45-day option from the date of the prospectus to purchase up to 4,500,000 additional units to cover over-allotments.

The public offering will only be made by means of a prospectus. Copies of the preliminary prospectus relating to the offering and final prospectus, when available, may be obtained by contacting Cantor Fitzgerald & Co., Attention Capital Markets, 499 Park Avenue, New York, NY 10022 or by e-mail at prospectus@cantor.com.

A registration statement relating to these securities has been declared effective by the U.S. Securities and Exchange Commission (the "SEC") on March 2, 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.

About Mission Advancement Corp.

Co-Sponsored by Colin Kaepernick and The Najafi Companies, Mission Advancement Corp. is a special purpose acquisition company committed to partnering with and advancing a world class consumer company with the aim of creating meaningful value for all stakeholders. At the intersection of consumer and societal impact, MAC will search for target companies across DTC brands, apparel and fashion, consumer products, CPG, fin-tech, food, health and wellness, sports, media and education, among others. For more information, visit www.missioncorp.com

Forward Looking Statements

This press release contains statements that constitute "forward-looking statements," including with respect to the IPO. No assurance can be given that the offering discussed above 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 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.

Media Contact
Kelly Whitten / Ross Lovern
Kelly.whitten@kekstcnc.com / Ross.lovern@kekstcnc.com
(917) 842-5068 / (917) 842-7205

 

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SOURCE Mission Advancement Corp

FAQ

What is the pricing for Mission Advancement Corp.'s IPO?

The IPO is priced at $10.00 per unit.

When will Mission Advancement Corp. start trading on the NYSE?

Trading will begin on March 3, 2021, under the symbol 'MACC.U'.

What does each unit of Mission Advancement Corp.'s IPO consist of?

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

What is the exercise price for the warrants in the IPO?

The exercise price for the warrants is $11.50 per share.

How many units can underwriters purchase to cover over-allotments?

Underwriters can purchase up to 4,500,000 additional units.