Pioneer Merger Corp. Announces Closing of $402.5 Million Initial Public Offering

Rhea-AI Summary

Pioneer Merger Corp. successfully closed its initial public offering, raising $402.5 million by offering 40,250,000 units at $10.00 each. This includes an additional purchase of 5,250,000 units by the underwriter. Each unit consists of one Class A ordinary share and one-third of a redeemable warrant, allowing purchase of shares at $11.50 each. The units trade under symbol PACXU, with shares and warrants expected to list as PACX and PACXW respectively. The company's strong leadership team aims to create long-term value across technology and consumer sectors.

Positive

• Successful IPO raising $402.5 million.
• Strong leadership team with experience from Uber, PayPal, and E*Trade.
• Broad strategic flexibility to target various industries.

Negative

• No assurance provided for the use of net proceeds from the offering.

Pioneer Merger Corp. (the “Company”), a special purpose acquisition company formed for the purpose of entering into a combination with one or more businesses, today announced that it closed its initial public offering of 40,250,000 units at a price of $10.00 per unit, which includes the exercise in full by the underwriter of its option to purchase an additional 5,250,000 units. Total gross proceeds from the offering are $402,500,000, before deducing underwriting discounts and commissions and other offering expenses. Each unit consists of one Class A ordinary share of the Company and one-third of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one Class A ordinary share of the Company at a price of $11.50 per share. The units are listed on the Nasdaq Capital Market under the symbol “PACXU.” Once the securities comprising the units begin separate trading, the Class A ordinary shares and warrants are expected to be listed on the Nasdaq Capital Market under the symbols “PACX” and “PACXW,” respectively.

Pioneer Merger Corp., sponsored by an affiliate of Falcon Edge Capital and Patriot Global Management, is led by Chairman Jonathan Christodoro, Co-Presidents Rick Gerson and Oscar Salazar, Chief Executive Officer Ryan Khoury and Directors Mitch Caplan and Todd Davis. The Company intends to leverage its leadership team’s experiences to create significant long-term value for the Company’s shareholders. The team’s experiences include: Oscar Salazar as co-founder of Uber, Todd Davis as co-founder and former CEO of Lifelock, Mitchell Caplan as former CEO of E*Trade and Jonathan Christodoro as a director at PayPal, Lyft, Xerox, Hologic, eBay and other technology based public companies. While the Company intends to pursue large scale disruption opportunities in the technology and consumer sectors, the Company will not be limited to a particular industry or geographic region in its identification and acquisition of a target company.

Citigroup Global Markets Inc. is serving as the sole book-running manager for the offering.

The offering is being made only by means of a prospectus. When available, copies of the prospectus may be obtained from: Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, Telephone: 1-800-831-9146.

A registration statement relating to the securities became effective on January 7, 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.

Cautionary Note Concerning Forward-Looking Statements

This press release contains statements that constitute “forward-looking statements,” including with respect to the proposed 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 preliminary 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 source version on businesswire.com: https://www.businesswire.com/news/home/20210112006112/en/

FAQ

What is the total amount raised in Pioneer Merger Corp.'s IPO?

Pioneer Merger Corp. raised a total of $402.5 million in its IPO.

What does each unit of Pioneer Merger Corp.'s IPO consist of?

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

What are the trading symbols for Pioneer Merger Corp. units, shares, and warrants?

Units trade under the symbol PACXU, shares under PACX, and warrants under PACXW.

When did Pioneer Merger Corp. close its initial public offering?

Pioneer Merger Corp. closed its IPO on the announcement date without a specified closing date.

Who is managing the IPO for Pioneer Merger Corp.?

Citigroup Global Markets Inc. is the sole book-running manager for the offering.