Priveterra Acquisition Corp. Announces Closing of $276 Million Initial Public Offering

Rhea-AI Summary

Priveterra Acquisition Corp. (Nasdaq: PMGMU) successfully closed its IPO, raising $276 million by offering 27.6 million units at $10.00 each. Trading of the units began on February 9, 2021, with each unit comprising one share of Class A common stock and one-third of a redeemable warrant, the latter exercisable at $11.50 per share. The company, which focuses on the healthcare sector, will use proceeds for potential mergers and acquisitions. The offering was managed by Wells Fargo Securities and Guggenheim Securities.

Positive

• Raised $276 million in IPO, enhancing capital for future acquisitions.
• Focus on healthcare sector opens opportunities for strategic partnerships.

Negative

• Dependence on successful future business combinations poses risks.

FORT LAUDERDALE, Fla., Feb. 11, 2021 (GLOBE NEWSWIRE) -- Priveterra Acquisition Corp. (Nasdaq: PMGMU) (the “Company”) today announced that it closed its initial public offering of 27,600,000 units. The offering was priced at $10.00 per unit, resulting in gross proceeds of $276,000,000.

The units are listed on the Nasdaq Stock Market (“Nasdaq”) and commenced trading under the ticker symbol “PMGMU” on February 9, 2021. Each unit consists of one share of Class A common stock and one-third of one redeemable warrant, with each whole warrant exercisable to purchase one share of Class A common stock at a price of $11.50 per share. Only whole warrants will be 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 “PMGM” and “PMGMW,” respectively.

Priveterra Acquisition Corp. 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. The Company intends to focus on the healthcare industry, particularly the medical technology sector.

Wells Fargo Securities and Guggenheim Securities acted as the joint book-runners for the offering. Odeon Capital Group acted as co-manager for the offering.

Of the proceeds received from the consummation of the initial public offering and a simultaneous private placement of warrants, $276,000,000 (or $10.00 per unit sold in the public offering) was placed in trust. An audited balance sheet of the Company as of February 11, 2021 reflecting receipt of the proceeds upon consummation of the initial public offering and the private placement will be included as an exhibit to a Current Report on Form 8-K to be filed by the Company with the U.S. Securities and Exchange Commission (the “SEC”).

The offering was made only by means of a prospectus. Copies of the prospectus relating to this offering may be obtained from Wells Fargo Securities, LLC, Attention: Equity Syndicate Department, 500 West 33rd Street, New York, New York, 10001, at (800) 326-5897 or emailing a request to cmclientsupport@wellsfargo.com and Guggenheim Securities, LLC, Attention: Equity Syndicate Department, 330 Madison Avenue, New York, NY 10017 or by telephone at (212) 518-5548, or by email at GSEquityProspectusDelivery@guggenheimpartners.com.

A registration statement relating to these securities was declared effective by the SEC on February 8, 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 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 search for an initial business combination. No assurance can be given that the 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 prospectus for the initial public offering filed with the 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

David Meredith
Chief Legal Officer and Secretary
Priveterra Acquisition Corp.
+1 (754)-220-9229
dm@priveterra.com

FAQ

What was the total amount raised in Priveterra Acquisition Corp's IPO?

Priveterra Acquisition Corp raised a total of $276 million in its IPO.

What does the ticker symbol PMGMU represent?

The ticker symbol PMGMU represents Priveterra Acquisition Corp on the Nasdaq Stock Market.

What does each unit of the IPO consist of?

Each unit consists of one share of Class A common stock and one-third of a redeemable warrant.

What is the main focus of Priveterra Acquisition Corp?

Priveterra Acquisition Corp is focused on the healthcare industry, particularly the medical technology sector.

Who were the joint book-runners for the IPO?

Wells Fargo Securities and Guggenheim Securities served as the joint book-runners for the offering.