Provident Acquisition Corp. Announces Closing of $230 Million Initial Public Offering
Provident Acquisition Corp. has successfully closed its initial public offering (IPO) of 23 million units at $10.00 each, including an over-allotment of 3 million units. Trading began on Nasdaq under the symbol 'PAQCU' on January 8, 2021. Each unit comprises one Class A ordinary share and half a redeemable warrant, with whole warrants priced at $11.50 per share. The Company aims to pursue a merger or acquisition, focusing on consumption-focused companies with high growth potential in Southeast Asia's technology sector. Citigroup Global Markets Inc. served as the sole bookrunner.
- Successfully closed IPO raising $230 million.
- Focused on high-growth potential Asian technology sector.
- Over-allotment option utilized indicates strong demand.
- No guarantee of successful acquisition post-IPO.
- Potential risks associated with pursuing disruptive growth companies.
Provident Acquisition Corp. (the “Company”) today announced the closing of its initial public offering of 23,000,000 units at a price of
The Company was formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. Although the Company’s efforts to identify a prospective business combination opportunity will not be limited to a particular industry, it intends to focus on consumption-focused companies with disruptive growth potential that have operations or prospective operations in Asia, with a particular focus on the technology sector in Southeast Asia.
Citigroup Global Markets Inc. is acting as sole bookrunner. The public offering is being made only by means of a prospectus. Copies of the prospectus relating to the offering may be obtained from Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, via telephone at 1-800-831-9146 or via email prospectus@citi.com.
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 securities, 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.
Forward-Looking Statements
This press release contains statements that constitute “forward-looking statements,” including with respect to the initial public offering and the Company’s plans with respect to the target industry for a potential business combination. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or that the Company will ultimately complete a business combination transaction. 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 U.S. Securities and Exchange Commission (the “SEC”). Copies of these documents are available on the SEC’s website, at 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.
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FAQ
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