Pacifico Acquisition Corp. Announces Closing of Over-Allotment Option in Connection With Its Initial Public Offering

Rhea-AI Summary

Pacifico Acquisition Corp. (NASDAQ: PAFOU) has successfully issued an additional 750,000 units following the underwriters' over-allotment option during its IPO, generating $7.5 million. This brings the total gross proceeds to $57.5 million. Trading of the units commenced on September 14, 2021, and they consist of one share of common stock and one right for future stock issuance. Common stock and rights are expected to trade under the symbols PAFO and PAFOR, respectively. Chardan was the sole book-running manager for the offering.

Positive

• Total gross proceeds from IPO increased to $57.5 million, supporting future business operations.
• Successful exercise of over-allotment option indicates strong investor interest.

Negative

• None.

NEW YORK, Sept. 22, 2021 (GLOBE NEWSWIRE) -- Pacifico Acquisition Corp. (NASDAQ: PAFOU, the "Company") announced today that an additional 750,000 units were issued pursuant to the underwriters' exercise of its over-allotment option in connection with the Company’s initial public offering. The offering was priced at $10.00 per unit, generating additional gross proceeds of $7,500,000 and bringing the total gross proceeds of the initial public offering to $57.5 million.

The Company's units commenced trading on the Nasdaq Capital Market ("Nasdaq") under the ticker symbol "PAFOU" on September 14, 2021. Each unit consists of one share of common stock and one right to receive one-tenth of one share of common stock upon the consummation of the Company's initial business combination. Once the securities comprising the units begin separate trading, the common stock and rights are expected to be listed on the Nasdaq under the symbols "PAFO" and "PAFOR" respectively.

Chardan acted as the sole book-running manager in the offering. 

A registration statement relating to these securities was declared effective by the Securities and Exchange Commission on September 13, 2021. The offering is being made only by means of a prospectus, copies of which may be obtained by contacting Chardan, 17 State Street, 21st floor, New York, New York 10004. Copies of the registration statement can be accessed through the SEC's website at www.sec.gov.

This press release shall not constitute an offer to sell or a 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 Pacifico Acquisition Corp.

Pacifico Acquisition Corp. is a Delaware corporation incorporated as a blank check company for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or similar business combination with one or more businesses or entities. The Company’s efforts to identify a prospective target business will not be limited to a particular industry or geographic region, although the Company intends to focus on operating businesses in and around the new energy, biotech, and education industries in Asia (excluding China).

Forward Looking Statements

This press release includes forward-looking statements that involve risks and uncertainties. Forward looking statements are statements that are not historical facts. Such forward-looking statements, including the successful consummation of the Company's initial public offering, are subject to risks and uncertainties, which could cause actual results to differ from the forward looking statements. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

Edward Cong Wang

Pacifico Acquisition Corp.

(646) 886 8892

FAQ

What is the significance of the additional 750,000 units issued by Pacifico Acquisition Corp.?

The additional 750,000 units indicate strong investor interest and increased total gross proceeds from the IPO to $57.5 million.

When did Pacifico Acquisition Corp. start trading under the ticker PAFOU?

Trading of Pacifico Acquisition Corp.'s units under the ticker PAFOU commenced on September 14, 2021.

What are the expected trading symbols for common stock and rights of Pacifico Acquisition Corp.?

The common stock is expected to trade under the symbol PAFO, and the rights will trade under PAFOR.

Who was the book-running manager for Pacifico Acquisition Corp.'s IPO?

Chardan served as the sole book-running manager for Pacifico Acquisition Corp.'s initial public offering.