Pontem Corporation Announces Pricing of Upsized $600 Million Initial Public Offering
Pontem Corporation has announced the pricing of its initial public offering (IPO) of 60 million units at $10.00 per unit. The units will trade on the New York Stock Exchange under the ticker symbol PNTM.U starting January 13, 2021. Each unit contains one Class A ordinary share and one-third of a redeemable warrant, which allows for the purchase of one share at $11.50. The offering, closing on January 15, 2021, may increase by an additional 9 million units if the underwriter exercises its over-allotment option. Credit Suisse and Guggenheim are the joint book-running managers for this IPO.
- Successful pricing of 60 million units at $10.00 each, which could raise $600 million.
- The ability to increase the offering by an additional 9 million units, potentially raising further capital.
- Warrants may lead to dilution of shares as they are exercised at $11.50.
NEW YORK, Jan. 13, 2021 /PRNewswire/ -- Pontem Corporation (the "Company"), a special purpose acquisition company formed for the purpose of entering into a combination with one or more businesses and led by Chairman and Chief Executive Officer Hubertus Mühlhäuser and Lead Director Burak Alici, today announced the pricing of its initial public offering of 60,000,000 units at a price of
Credit Suisse Securities (USA) LLC and Guggenheim Securities, LLC are serving as joint book-running managers for this offering. The Company has granted the underwriter a 45-day option to purchase up to an additional 9,000,000 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: Credit Suisse Securities (USA) LLC, Attn: Prospectus Department, 6933 Louis Stephens Drive, Morrisville, NC 27560, Telephone: 1-800-221-1037, email: usa.prospectus@credit-suisse.com; and Guggenheim Securities, LLC, Attn: Syndicate Prospectus Department, 330 Madison Avenue, New York, NY 10017, Telephone: 212-518-9658, email: GSEquityProspectusDelivery@guggenheimpartners.com.
Registration statements relating to the securities became effective on January 12, 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.
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.
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SOURCE Pontem Corporation
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