Pioneer Merger Corp. Announces Pricing of $350 Million Initial Public Offering

Rhea-AI Summary

Pioneer Merger Corp. has announced the pricing of its initial public offering (IPO) of 35 million units at $10.00 each, set to trade under the ticker symbol PACXU starting January 8, 2021. Each unit comprises one Class A ordinary share and one-third of a redeemable warrant, with whole warrants priced at $11.50 per share. The IPO is managed by Citigroup Global Markets Inc. and is expected to close on January 12, 2021. The company, sponsored by Falcon Edge Capital and Patriot Global Management, intends to explore large-scale opportunities across various industries.

Positive

• Initial public offering of 35 million units at $10.00 each indicates strong market interest.
• Experienced leadership team with backgrounds from Uber, E*Trade, and PayPal aims to create long-term shareholder value.

Negative

• No assurance can be given that the offering will close on the terms described.

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 the pricing of its initial public offering of 35,000,000 units at a price of $10.00 per unit. The units will be listed on the Nasdaq Capital Market and trade under the ticker symbol “PACXU” beginning January 8, 2021. 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. 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 Company has granted the underwriter a 45-day option to purchase up to an additional 5,250,000 units at the initial public offering price to cover over-allotments, if any.

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.

The offering is expected to close on January 12, 2021, subject to customary closing conditions.

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 offering discussed above will be completed on the terms described, or at all, or 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/20210107005941/en/

FAQ

What is the ticker symbol for Pioneer Merger Corp.?

The ticker symbol for Pioneer Merger Corp. is PACXU.

When will the units of Pioneer Merger Corp. begin trading?

The units will begin trading on January 8, 2021.

How many units is Pioneer Merger Corp. offering?

Pioneer Merger Corp. is offering 35 million units.

What is the price of each unit in the IPO?

Each unit in the IPO is priced at $10.00.

Who is managing the IPO for Pioneer Merger Corp.?

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

When is the expected closing date for the IPO?

The expected closing date for the IPO is January 12, 2021.