Priveterra Acquisition Corp. Announces Pricing of Upsized $240 Million Initial Public Offering

Rhea-AI Summary

Priveterra Acquisition Corp. announced the pricing of its initial public offering (IPO) of 24 million units at $10.00 each, set to trade under the ticker symbol PMGMU starting February 9, 2021. Each unit includes one share of Class A common stock and a third of a redeemable warrant. The company is a blank-check firm targeting the healthcare sector, particularly medical technology. Wells Fargo and Guggenheim Securities lead the offering, with an option for underwriters to purchase an additional 3.6 million units. The registration statement was effective as of February 8, 2021.

Positive

• Initial public offering of 24 million units raises $240 million.
• Focus on the healthcare sector, especially medical technology, indicates potential for future growth.
• Underwriters have a 45-day option for additional units, suggesting strong demand.

Negative

• None.

FORT LAUDERDALE, Fla., Feb. 8, 2021 /PRNewswire/ -- Priveterra Acquisition Corp. (the "Company") today announced the pricing of its initial public offering of 24,000,000 units at a price of $10.00 per unit. The units will be listed on the Nasdaq Capital Market ("Nasdaq") and trade under the ticker symbol "PMGMU" beginning 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 are acting as the joint book-runners for the offering. Odeon Capital Group is acting as co-manager for the offering. The Company has granted the underwriters a 45-day option to purchase up to an additional 3,600,000 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 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 U.S. Securities and Exchange Commission (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 offering discussed above will be completed on the terms described, or at all, or 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 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.

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SOURCE Priveterra Acquisition Corp.

FAQ

What is the IPO price of Priveterra Acquisition Corp. units?

The IPO price of Priveterra Acquisition Corp. units is $10.00 each.

What is the ticker symbol for Priveterra Acquisition Corp.?

The ticker symbol for Priveterra Acquisition Corp. is PMGMU.

When will PMGMU start trading on Nasdaq?

PMGMU will start trading on Nasdaq on February 9, 2021.

What does each unit consist of in the IPO?

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

What is the focus of Priveterra Acquisition Corp.?

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