Pathfinder Acquisition Corporation Announces Pricing of Upsized $300 Million Initial Public Offering

Rhea-AI Summary

Pathfinder Acquisition Corporation has announced the pricing of its upsized initial public offering of 30 million units at $10.00 each, raising a total of $300 million. The units will trade on Nasdaq under the symbol PFDRU starting February 17, 2021. Each unit comprises one Class A ordinary share and one-fifth of a redeemable warrant, with whole warrants priced at $11.50 per share. The offering is sponsored by HGGC and Industry Ventures, with plans to target growth-oriented businesses. The offering is expected to close on February 19, 2021, subject to customary conditions.

Positive

• Upsized IPO raises $300 million.
• Focus on growth-oriented or technology-enabled targets.
• Listing on Nasdaq under PFDRU, enhancing visibility.

Negative

• No assurance that the offering will be completed on described terms.
• Potential for risks associated with forward-looking statements.

PALO ALTO, Calif., Feb. 16, 2021 /PRNewswire/ -- Pathfinder Acquisition Corporation (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 upsized initial public offering of 30,000,000 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 "PFDRU" beginning February 17, 2021. Each unit consists of one Class A ordinary share of the Company and one-fifth 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 "PFDR" and "PFDRW," respectively.

The Company, which is jointly sponsored by affiliates of HGGC and Industry Ventures, and is led by Chairman Richard Lawson, Chief Executive Officer David Chung, and Chief Investment Officer Lindsay Sharma, expects to focus on growth-oriented or technology-enabled targets that are at a key inflection point in their business evolution.

Deutsche Bank Securities Inc., RBC Capital Markets, LLC, and Stifel, Nicolaus & Company, Incorporated are serving as joint book-running managers for this offering. The Company has granted the underwriters a 45-day option to purchase up to an additional 4,500,000 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: Deutsche Bank Securities Inc., Attention: Prospectus Group, 60 Wall Street, New York, NY 10005-2836, by email at prospectus.CPDG@db.com, or by telephone at (800) 503-4611, RBC Capital Markets, LLC, Attention: Equity Syndicate, 200 Vesey Street, 8th Floor, New York, New York 10281, or by telephone at (877) 822-4089 or by email at equityprospectus@rbccm.com, and Stifel, Nicolaus & Company, Incorporated Attention: Syndicate Department, One South Street, 15th Floor, Baltimore, Maryland 21202, or by email: SyndProspectus@Stifel.com or by telephone: (855) 300-7136.

The registration statements relating to the securities have become effective. 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 February 19, 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.

Contact:

Lance Taylor
(650) 285-1911
information@pathfinderacquisition.com

 

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SOURCE Pathfinder Acquisition Corporation

FAQ

What is the purpose of Pathfinder Acquisition's IPO?

The IPO aims to raise funds for potential acquisitions of growth-oriented or technology-enabled businesses.

When will Pathfinder Acquisition's units begin trading?

The units are expected to start trading on Nasdaq under the ticker symbol PFDRU on February 17, 2021.

What are the key details of Pathfinder Acquisition's unit composition?

Each unit consists of one Class A ordinary share and one-fifth of one redeemable warrant.

What are the expected proceeds from Pathfinder Acquisition's IPO?

The IPO is anticipated to raise $300 million.

When is the closing date for Pathfinder Acquisition's offering?

The offering is expected to close on February 19, 2021.