Noble Rock Acquisition Corporation Announces Closing of $241.5 Million Initial Public Offering

Rhea-AI Summary

Noble Rock Acquisition Corporation announced the closing of its initial public offering (IPO) of 24,150,000 units, raising gross proceeds of $241.5 million at $10.00 per unit. The IPO included the full exercise of underwriters’ over-allotment option. Trading under the ticker symbol "NRACU" began on February 2, 2021. Each unit comprises one Class A ordinary share and one-third of a redeemable warrant, with the full warrant allowing the purchase of a share at $11.50. The company focuses on mergers or acquisitions in the software and tech-enabled services sectors.

Positive

• Successfully raised $241.5 million through IPO.
• Units began trading under NRACU, indicating strong market interest.

Negative

• No significant operational or strategic details provided about future plans.

Noble Rock Acquisition Corporation (the “Company”) announced today that it closed its initial public offering of 24,150,000 units, which included the full exercise of the underwriters’ over-allotment option. The offering was priced at $10.00 per unit, resulting in gross proceeds of $241,500,000, before deducting underwriting discounts and commissions and other offering expenses payable by the Company.

The Company’s units began trading on the Nasdaq Capital Market (“Nasdaq”) under the ticker symbol “NRACU” on February 2, 2021. Each unit consists of one Class A ordinary share and one-third of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one Class A ordinary share at a price of $11.50 per share. Only whole warrants are exercisable. Once the securities comprising the units begin separate trading, the Class A ordinary shares and redeemable warrants are expected to be listed on Nasdaq under the symbols “NRAC” and “NRACW,” respectively.

Noble Rock Acquisition Corporation was founded by Whitney A. Bower. The Board of Directors includes Michael Alter, Dave Habiger, David Lang, Pete Low and Aemish Shah. The Company is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. The Company intends to focus on the software and tech-enabled services sectors.

Stifel, Oppenheimer & Co. and William Blair are acting as joint book-running managers.

The offering was made only by means of a prospectus. Copies of the prospectus may be obtained from Stifel, Nicolaus & Company, Incorporated, Attention: Syndicate Department, One South Street, 15th Floor Baltimore, Maryland 21202, by email: syndprospectus@Stifel.com or by telephone at (855) 300-7136; Oppenheimer & Co. Inc., Attn: Oppenheimer & Co. Inc., 85 Broad Street, New York, New York 10004 or by email: EquityProspectus@opco.com; William Blair & Company, L.L.C., Attn: Prospectus Department, 150 North Riverside Plaza, Chicago, Illinois 60606, by telephone at (800) 621-0687, or by email at prospectus@williamblair.com.

A registration statement relating to the securities became effective on February 1, 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.

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 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 preliminary prospectus for the Company’s offering filed with the U.S. Securities and Exchange Commission (the “SEC”). Copies of these documents 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210204006200/en/

FAQ

What is the purpose of Noble Rock Acquisition Corporation's IPO?

The IPO aims to raise capital for future mergers or acquisitions in the software and tech-enabled services sectors.

How much capital did Noble Rock Acquisition Corporation raise in its IPO?

The company raised $241.5 million through its IPO.

What does each unit of NRACU include?

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

When did trading for NRACU begin?

Trading for NRACU began on February 2, 2021.

What is the exercise price for the warrants associated with NRACU?

The warrants can be exercised to purchase a Class A ordinary share at a price of $11.50.