One Equity Partners Open Water I Corp. Closes $345 Million Initial Public Offering

Rhea-AI Summary

One Equity Partners Open Water I Corp. announced the closure of its initial public offering (IPO) of 34,500,000 units at $10.00 per unit, raising total gross proceeds of $345,000,000. This includes an over-allotment of 4,500,000 units. Each unit comprises one share of Class A common stock and one-third of one warrant, with each warrant allowing the purchase of a share at $11.50. The units are now listed on Nasdaq under the symbol OEPW.U.

Positive

• Raised $345,000,000 in gross proceeds from the IPO.
• Units are structured to include shares and warrants, potentially increasing future capital.
• Over-allotment option exercised, indicating strong demand.

Negative

• Potential dilution of shares due to the warrant structure.

NEW YORK, Jan. 26, 2021 /PRNewswire/ -- One Equity Partners Open Water I Corp. (the "Company"), a blank check company sponsored by affiliates of One Equity Partners and 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, today announced that it closed its initial public offering of 34,500,000 units at $10.00 per unit, which includes the exercise in full by the underwriters of their over-allotment option to purchase an additional 4,500,000 units. Total gross proceeds from the offering were $345,000,000, before deducting underwriting discounts and commissions and other offering expenses. Each unit consists of one share of Class A common stock of the Company and one-third of one warrant. Each whole warrant entitles the holder thereof to purchase one share of Class A common stock of the Company at a price of $11.50 per share, subject to adjustment, and only whole warrants are exercisable. The units are listed on the Nasdaq Capital Market ("Nasdaq") under the symbol "OEPW.U". Once the securities comprising the units begin separate trading, the shares of Class A common stock and warrants are expected to be listed on the Nasdaq under the symbols "OEPW" and "OEPWW," respectively.

Credit Suisse Securities (USA) LLC and RBC Capital Markets, LLC acted as lead book-running managers for the offering. Drexel Hamilton, LLC acted as lead manager for the offering.

The offering is being made only by means of a prospectus. Copies of the prospectus related to the offering may be obtained from Credit Suisse Securities (USA) LLC, Attn: Prospectus Department, 6933 Louis Stephens Drive, Morrisville, North Carolina 27560, telephone: (800) 221-1037 or email: usa.prospectus@credit-suisse.com, or RBC Capital Markets, LLC, Attn: Equity Syndicate, 200 Vesey Street, 8th Floor, New York, New York 10281, telephone: (877) 822-4089 or email: equityprospectus@rbccm.com.

A registration statement relating to the securities became effective on January 21, 2021 in accordance with Section 8(a) of the Securities Act of 1933, as amended. 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.

This press release contains statements that constitute "forward-looking statements," including with respect to the initial public offering and the anticipated use of the net proceeds. No assurance can be given that the net proceeds of the offering will be used as indicated. 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 Company's offering filed with the Securities and Exchange Commission ("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.

View original content:http://www.prnewswire.com/news-releases/one-equity-partners-open-water-i-corp-closes-345-million-initial-public-offering-301215471.html

SOURCE One Equity Partners

FAQ

What is the total amount raised in the initial public offering of OEPW.U?

One Equity Partners Open Water I Corp. raised a total of $345,000,000 in its initial public offering.

When did the IPO of OEPW.U close?

The IPO of One Equity Partners Open Water I Corp. closed on January 26, 2021.

What is included in each unit offered in the OEPW.U IPO?

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

What is the exercise price for the warrants associated with OEPW.U?

The exercise price for each whole warrant is $11.50 per share.

What is the significance of the over-allotment option in the OEPW.U IPO?

The over-allotment option allows underwriters to purchase an additional 4,500,000 units, indicating strong demand in the market.