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Everest Consolidator Acquisition Corporation has successfully completed its initial public offering (IPO), raising $172,500,000 by offering 17,250,000 units at $10.00 each. The IPO included the full exercise of the underwriter's over-allotment option. Trading began on the NYSE under the ticker symbol 'MNTN.U' on November 24, 2021. Each unit consists of one share of Class A common stock and a redeemable warrant, which allows the purchase of additional shares at $11.50 per share. BofA Securities acted as the sole book-running manager.
Positive
Successfully raised $172,500,000 in IPO, enhancing liquidity.
Each unit comprises stock and a warrant, offering potential for future capital appreciation.
BofA Securities as the sole book-runner indicates strong institutional support.
Negative
None.
NEWPORT BEACH, Calif.--(BUSINESS WIRE)--
Everest Consolidator Acquisition Corporation (the “Company”) announced today the closing of its initial public offering of 17,250,000 units, which included the full exercise of the underwriter’s over-allotment option, at a price of $10.00 per unit, resulting in gross proceeds of $172,500,000. The units began trading on the New York Stock Exchange (“NYSE”) under the ticker symbol “MNTN.U” on November 24, 2021. Each unit issued in the offering consists of one share of the Company’s Class A common stock and one-half of one redeemable warrant, with each whole warrant entitling the holder thereof to purchase one share of Class A common stock at an exercise price of $11.50 per share. After the securities comprising the units begin separate trading, the shares of Class A common stock and warrants are expected to be listed on NYSE under the symbols “MNTN” and “MNTN WS,” respectively. No fractional warrants will be issued upon separation of the units and only whole warrants will trade.
BofA Securities served as the sole book-running manager for the offering.
The offering was made only by means of a prospectus. Copies of the prospectus may be obtained from BofA Securities, NC1-004-03-43, 200 North College Street, 3rd Floor, Charlotte, NC 28255-0001, Attention: Prospectus Department, or by email at dg.prospectus_requests@bofa.com.
A registration statement relating to these securities has been filed with the Securities and Exchange Commission (the “SEC”) and became effective on November 23, 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 Everest Consolidator Acquisition Corporation
The Company is a blank check company sponsored by an affiliate of Belay Associates, LLC and formed for the purpose of entering into a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses or entities. The Company intends to focus its search for business combination targets on the wealth management industry, including independent financial advisory providers as well as wealth management-focused technology companies, although it may pursue an acquisition in any business industry or sector.
Forward-Looking Statements
This press release contains statements that constitute “forward-looking statements,” including with respect to the anticipated use of the net proceeds. 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 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.
