PROOF Acquisition Corp I Announces Closing of $276 Million Initial Public Offering
PROOF Acquisition Corp I (PAC I) has successfully closed its initial public offering (IPO) of 27,600,000 units at $10.00 each, generating gross proceeds of $276,000,000. This marks a significant event as the units began trading on the NYSE under the ticker symbol 'PACI.U' on December 1, 2021. Each unit comprises one share of Class A common stock and half a redeemable warrant, which permits holders to buy additional shares at $11.50. BofA Securities led the offering and a registration statement was effective as of November 30, 2021.
- PAC I raised $276 million through its IPO, enhancing its capital for future acquisitions.
- The IPO allows PAC I to pursue mergers and acquisitions in multiple sectors, potentially leading to significant market opportunities.
- The success of PAC I is contingent on future acquisition performance, which involves inherent risks.
- Forward-looking statements regarding net proceeds usage may not materialize as planned.
RESTON, Va., Dec. 03, 2021 (GLOBE NEWSWIRE) -- PROOF Acquisition Corp I (the "PAC I") announced today the closing of its initial public offering of 27,600,000 units, which included the full exercise of the underwriter's over-allotment option, at a price of
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 the securities was declared effective by the Securities and Exchange Commission (the "SEC") on November 30, 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 PROOF Acquisition Corp I
PAC I is a blank check company incorporated as a Delaware corporation for the purpose of effecting a merger, stock exchange, asset acquisition, reorganization, or similar business combination with one or more businesses. PAC I believes there are attractive trends in several industries, including the enterprise software, health care, financial technology, and consumer sectors, 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 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 PAC I, including those set forth in the Risk Factors section of PAC I's registration statement and prospectus for the offering filed with the SEC. Copies are available on the SEC's website, www.sec.gov and PAC I's website at www.PROOF-PACI.com. PAC I undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
Investor Contact
Michael W. Zarlenga
Corporate Secretary
571-310-4949
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FAQ
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