Periphas Capital Partnering Corporation Announces Pricing of Upsized $360 Million Initial Public Offering

Rhea-AI Summary

Periphas Capital Partnering Corporation has announced the pricing of its initial public offering (IPO) of 14,400,000 CAPS™ at $25.00 each, expected to start trading on the NYSE under symbol PCPC.U on December 10, 2020. Each CAPS™ includes one share of Class A common stock and one-quarter warrant to purchase additional shares at $28.75. The offering is projected to close on December 14, 2020, with Evercore Group serving as the book-running manager. The company has granted a 45-day option to purchase an additional 2,160,000 CAPS™ to cover over-allotments.

Positive

• Initial public offering priced at $25.00 per CAPS™, indicating investor interest.
• Potential for additional capital through the 45-day option for over-allotments.

Negative

• Dependence on market conditions for successful IPO completion.
• Forward-looking statements indicate uncertainty about net proceeds and their use.

NEW YORK--(BUSINESS WIRE)--Periphas Capital Partnering Corporation (the “Company”), a company formed for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, reorganization or similar partnering transaction with one or more businesses, today announced the pricing of its initial public offering of 14,400,000 CAPS™ at a price of $25.00 per CAPS™. The CAPS™ will be listed on the New York Stock Exchange and trade under the ticker symbol “PCPC.U” beginning December 10, 2020. Each CAPS™ consists of one share of Class A common stock of the Company and one-quarter of one warrant. Each whole warrant entitles the holder thereof to purchase one share of Class A common stock of the Company at a price of $28.75 per share. Once the securities comprising the CAPS™ begin separate trading, the shares of Class A common stock and warrants are expected to be listed on the New York Stock Exchange under the symbols “PCPC” and “PCPC WS,” respectively.

The offering is expected to close on December 14, 2020, subject to customary closing conditions.

Evercore Group L.L.C. is acting 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 2,160,000 CAPS™ 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 Evercore Group L.L.C., Attn: Equity Capital Markets, 55 East 52nd Street, 36th Floor, New York, NY 10055, by phone at (888) 474-0200, or by email at ecm.prospectus@evercore.com.

A registration statement relating to the securities became effective on December 9, 2020 in accordance with Section 8(a) of the Securities Act of 1933, as amended. 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.

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.