Poema Global Holdings Corp. Announces Closing of Upsized Initial Public Offering and Full Exercise of Underwriter's Option to Purchase Additional Units

Rhea-AI Summary

Poema Global Holdings Corp. successfully closed its initial public offering, raising $345 million by selling 34,500,000 units at $10.00 each, including an additional 4,500,000 units due to full exercise of underwriters' over-allotment option. The units began trading on the Nasdaq under ticker PPGHU on January 6, 2021. Each unit includes one Class A ordinary share and one-half of a redeemable warrant, with each whole warrant priced at $11.50. The company focuses on technology sector business combinations across Europe and Asia.

Positive

• Raised $345 million through the IPO which can be used for strategic acquisitions in technology.
• Strong backing from a sponsor team with over 100 years of combined experience.

Negative

• Potential shareholder dilution due to the issuance of warrants.
• Uncertainty in the effective use of net proceeds as future business combinations are not guaranteed.

BERLIN and HONG KONG, Jan. 8, 2021 /PRNewswire/ -- Poema Global Holdings Corp. (the "Company" or "Poema Global"), a special purpose acquisition company affiliated with Princeville Capital formed for the purpose of entering into a combination with one or more businesses, today announced the closing of its initial public offering of 34,500,000 units at a price of $10.00 per unit, including an additional 4,500,000 units sold pursuant to the full exercise of the underwriters' over-allotment option. Total gross proceeds from the offering were $345 million before deducting underwriting discounts and commissions and other offering expenses payable by the Company.

Poema Global's sponsor team brings together over 100 years of combined experience to equip and enable a differentiated global technology leader to successfully list and to create long-term value for shareholders in public markets. Led by Co-Chairmen Emmanuel DeSousa and Joaquin Rodriguez Torres, Chief Executive Officer Homer Sun and President Marc Chan, Poema Global seeks to complete business combinations with companies that have validated technologies and attractive unit economics, with a particular focus on Europe and Asia.

The units began trading on the Nasdaq Capital Market under the ticker symbol "PPGHU" on January 6, 2021. Each unit consists of one Class A ordinary share of the Company and one-half 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 "PPGH" and "PPGHW," respectively.

Citigroup Global Markets Inc. and UBS Securities LLC acted as joint book-running managers of the offering.

The offering was made only by means of a prospectus. Copies of the final prospectus related to the offering may be obtained from: Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 or by telephone at 1-800-831-9146, or UBS Securities LLC, Attention: Prospectus Department, 1285 Avenue of the Americas, New York, NY 10019, by telephone at (888) 827-7275 or by emailing ol-prospectus-request@ubs.com.

A registration statements relating to the securities became effective on January 5, 2021 in accordance with Section 8(a) of the Securities Act of 1933, as amended. 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 anticipated use of the net proceeds. No assurance can be given 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.

About the Company:

Poema Global is a newly incorporated blank check company affiliated with Princeville Capital focused on global business combinations targets in the technology sector.

Contact: 

Joaquin Rodriguez Torres
(e): joaquin@poema-global.com
(o): +852 2508 7288

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SOURCE Poema Global Holdings Corp.

FAQ

What was the total amount raised in Poema Global's IPO on January 6, 2021 under the symbol PPGHU?

Poema Global raised a total of $345 million in its IPO.

How many units were sold in the IPO by Poema Global?

Poema Global sold 34,500,000 units in its IPO.

What does each unit consist of in Poema Global's IPO?

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

What is the exercise price for the warrants associated with Poema Global's IPO?

The exercise price for each whole warrant is $11.50.

When did Poema Global's units start trading on Nasdaq?

The units began trading on Nasdaq under the ticker symbol PPGHU on January 6, 2021.