Papaya Growth Opportunity Corp. I Announces Closing of $287.5 Million Initial Public Offering

Rhea-AI Summary

Papaya Growth Opportunity Corp. I announced the closing of its initial public offering, raising $287.5 million by selling 28,750,000 units at $10.00 each. This includes 3,750,000 units from the exercise of the overallotment option. The units began trading on Nasdaq under the ticker symbol 'PPYAU' on January 14, 2022. Each unit comprises one Class A common stock share and one-half redeemable warrant. The trust account received $293.25 million from the offering's proceeds. Copies of the prospectus can be obtained from Cantor Fitzgerald & Co.

Positive

• Raised $287.5 million from the initial public offering.
• Funds will support future business combinations.

Negative

• The company has not identified a specific business combination target, creating uncertainty.

NEW YORK, Jan. 19, 2022 (GLOBE NEWSWIRE) -- Papaya Growth Opportunity Corp. I (the "Company") announced today the closing of its initial public offering as well as the exercise of the over-allotment option in full by the underwriters in the sale of an aggregate of 28,750,000 units (which includes 3,750,000 units issued in connection with the full exercise of the over-allotment option). The offering was priced at $10.00 per unit, resulting in gross proceeds of $287,500,000.

The Company's units commenced trading on the Nasdaq Global Market ("Nasdaq") under the ticker symbol "PPYAU" on January 14, 2022. Each unit consists of one share of Class A common stock and one-half of one redeemable warrant, each whole warrant entitling the holder thereof to purchase one share of Class A common stock at a price of $11.50 per share. Only whole warrants are exercisable and will trade. 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 "PPYA" and "PPYAW," respectively.

Cantor Fitzgerald & Co. acted as the sole book-running manager of the offering.

Of the proceeds received from the consummation of the offering and a simultaneous private placement of units, $293.25 million was placed in the Company's trust account. An audited balance sheet of the Company as of January 19, 2022 reflecting receipt of the proceeds upon consummation of the 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 Securities and Exchange Commission (the "SEC").

The offering was made only by means of a prospectus. Copies of the final prospectus relating to the offering may be obtained from Cantor Fitzgerald & Co., 499 Park Avenue, New York, New York 10022.

A registration statement relating to these securities was filed with, and declared effective by, the SEC on January 13, 2022. 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 an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

ABOUT PAPAYA GROWTH OPPORTUNITY CORP. I

The Company 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 has not selected any specific business combination target. The Company is supported by an executive team led by Chairperson Patrick Pohlen, Chief Executive Officer Clay Whitehead, President Alexander Spiro, and Chief Financial Officer and Secretary Daniel Rogers.

FORWARD-LOOKING STATEMENTS

This press release contains statements that constitute "forward-looking statements," including with respect to an initial business combination. 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 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.

Contacts:

Papaya Growth Opportunity Corp. I
Clay Whitehead
Chief Executive Officer
Email: clay@papayagrowth.com

FAQ

What was the total amount raised in the Papaya Growth Opportunity Corp. I IPO?

Papaya Growth Opportunity Corp. I raised $287.5 million in its initial public offering.

When did Papaya Growth Opportunity Corp. I begin trading on Nasdaq?

Papaya Growth Opportunity Corp. I began trading on Nasdaq under the ticker symbol 'PPYAU' on January 14, 2022.

What are the components of the units sold by Papaya Growth Opportunity Corp. I?

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

What will the proceeds from the IPO be used for?

The proceeds from the IPO will be placed in the company's trust account to support future business combinations.

What is the significance of the overallotment option exercised in the IPO?

The exercise of the overallotment option added 3,750,000 units to the total, increasing the funds raised.