Parsec Capital Acquisitions Corp. Announces Pricing of $75,000,000 Initial Public Offering

Rhea-AI Summary

Parsec Capital Acquisitions Corp. (NASDAQ: PCXCU) has priced its initial public offering at $75 million, comprising 7,500,000 units at $10.00 each. Trading is set to begin on October 6, 2021, on the Nasdaq Global Market. Each unit includes one share of Class A common stock and one warrant for future stock purchase at $11.50. The company aims for a business combination primarily in the space economy and adjacent sectors. EF Hutton is the sole book running manager, with an option for the underwriter to purchase an additional 1,125,000 units for over-allotments.

Positive

• Initial public offering priced at $75 million, indicating strong investor interest.
• Focus on high-potential industries like the space economy and technology, which may drive future growth.

Negative

• No immediate revenue generation from the offering as the company is a blank check entity.
• Forward-looking statements indicate uncertainties in meeting offering terms and use of proceeds.

Lewisville, TX, Oct. 05, 2021 (GLOBE NEWSWIRE) -- Parsec Capital Acquisitions Corp. (NASDAQ: PCXCU) (the “Company”) announced today that it priced its initial public offering of $75 million, consisting of 7,500,000 units at $10.00 per unit. The units will be listed on the Nasdaq Global Market (“Nasdaq”) and will begin trading tomorrow, Wednesday, October 6^th, 2021, under the ticker symbol “PCXCU”. Each unit consists of one of the Company’s shares of Class A common stock and one redeemable warrant entitling the holder thereof to purchase one share of Class A common stock at a price of $11.50 per share. Only whole warrants are exercisable. Once the securities comprising the units begin separate trading, the shares of Class A common stock and warrants are expected to be listed on Nasdaq under the symbols “PCX” and “PCXCW,” respectively.

The Company is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. While the Company may pursue an initial business combination target in any business or industry, it intends to focus on the space economy, transportation and technology adjacent industries.

EF Hutton, division of Benchmark Investments, LLC, is acting as sole book running manager for the offering. The Company has granted the underwriter a 45-day option to purchase up to an additional 1,125,000 units at the initial public offering price to cover over-allotments, if any.

The offering is being made only by means of a prospectus. Copies of the prospectus may be obtained, when available, from EF Hutton, division of Benchmark Investments LLC, Attn: Syndicate Department, 590 Madison Ave., 39th Floor, New York, New York 10022, by telephone at (212) 404-7002, by fax at (646) 861-4697, or by email at syndicate@efhuttongroup.com.

A registration statement relating to these securities has been filed with, and declared effective by, the Securities and Exchange Commission on October 5, 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 an 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 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 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.

Contact

Parsec Capital Acquisitions Corp.
320 W. Main Street
Lewisville, TX 75057
Attn: Patricia Trompeter
Chief Executive Officer
ptrompeter@parsecacquisition.com
(203) 524-6524

FAQ

What is the size of Parsec Capital Acquisitions Corp's IPO?

The IPO is priced at $75 million, consisting of 7,500,000 units at $10.00 each.

When will trading for PCXCU begin?

Trading for Parsec Capital Acquisitions Corp. under the symbol PCXCU will begin on October 6, 2021.

What does each unit in the Parsec IPO include?

Each unit consists of one share of Class A common stock and one redeemable warrant to purchase a share at $11.50.

Who is managing the initial public offering for PCXCU?

EF Hutton is acting as the sole book running manager for the offering.

What industries is Parsec Capital Acquisitions Corp targeting for business combinations?

The company intends to focus on the space economy and technology adjacent industries.