McLaren Technology Acquisition Corp. Announces Pricing of $175,000,000 Initial Public Offering

Rhea-AI Summary

McLaren Technology Acquisition Corp. announced its initial public offering (IPO) pricing of 17,500,000 units at $10.00 each, set to trade on Nasdaq under the symbol 'MLAIU' starting November 3, 2021. Each unit includes one share of Class A common stock and half a redeemable warrant. The company aims to focus on mergers and acquisitions in the banking, financial services, and insurance sectors that leverage AI and fintech. Mizuho Securities is the sole bookrunner and has a 45-day option for additional units.

Positive

• Pricing of IPO at $10.00 per unit may attract investor interest.
• Focus on AI and fintech sectors aligns with market trends.

Negative

• The reliance on forward-looking statements poses risks for investors.
• No assurance that the IPO will be completed as described.

Irvine, CA, Nov. 02, 2021 (GLOBE NEWSWIRE) -- McLaren Technology Acquisition Corp. (the “Company”) announced today that it priced its initial public offering of 17,500,000 units at $10.00 per unit. The units will be listed on the Nasdaq Global Market (“Nasdaq”) and will begin trading tomorrow, Wednesday, November 3, 2021, under the ticker symbol “MLAIU”. Each unit consists of one share of the Company’s Class A common stock and one-half of one redeemable warrant, each whole warrant entitling the holder thereof to purchase one share of Class A common stock at a price of $11.50 per share. Only whole warrants are exercisable and will trade.  Once the securities comprising the units begin separate trading, shares of the Class A common stock and warrants are expected to be listed on Nasdaq under the symbols “MLAI” and “MLAIW,” respectively.

The Company is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. While the Company may pursue an initial business combination target in any business, industry or geographic location, it intends to focus its search on companies within the banking, financial services and insurance sector that leverage artificial intelligence, machine learning, digital, technology, and fintech. The Company is led by Chairman and Chief Executive Officer, Sajan Pillai, Chairman of McLaren Strategic Ventures Holdings Group and former Chief Executive Officer of UST Global, President and Director, John Vilina, CFO/COO of McLaren Strategic Ventures Holdings Group, Chief Operating Officer, Murali Gopalan, Head of Consulting/Advisory for McLaren Strategic Solutions and former Chief Commercial Officer of UST Global, and Chief Financial Officer, Rajeev Nair, President of Techurate USA.

Mizuho Securities USA LLC is acting as the sole book running manager for the offering. The Company has granted the underwriters a 45-day option to purchase up to an additional 2,625,000 units at the initial public offering price to cover over-allotments, if any.

The offering is being made only by means of a prospectus.  Copies of the prospectus may be obtained, when available, from Mizuho Securities USA LLC, Attention: Equity Capital Markets, 1271 Avenue of the Americas, New York 10020; Telephone: 212-205-7600.

A registration statement relating to these securities has been filed with, and declared effective by, the Securities and Exchange Commission (“SEC”) on November 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 an 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 initial public offering. 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 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.

Contact

Sajan Pillai
McLaren Technology Acquisition Corp.
(949) 989-4638

FAQ

What are the details of the McLaren Technology Acquisition Corp. IPO?

McLaren Technology Acquisition Corp. priced its IPO at $10.00 for 17,500,000 units, set to trade under 'MLAIU' on Nasdaq starting November 3, 2021.

What does each unit of McLaren Technology Acquisition Corp. consist of?

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

Who is handling the underwriting for McLaren Technology Acquisition Corp.'s IPO?

Mizuho Securities USA LLC is the sole book running manager for the offering.

What is the strategic focus of McLaren Technology Acquisition Corp.?

The company intends to pursue business combinations primarily in the banking, financial services, and insurance sectors leveraging AI and fintech.