Recharge Acquisition Corp. Announces Pricing of $200,000,000 Initial Public Offering

Rhea-AI Summary

Recharge Acquisition Corp. announced the pricing of its initial public offering (IPO) on September 30, 2020, of 20,000,000 units at $10.00 each. The units will trade on Nasdaq under the ticker symbol RCHGU starting October 1, 2020, with each unit comprising one share of Class A common stock and one-half of a redeemable warrant. The company, aiming for business combinations primarily in the convenience store industry, has granted underwriters a 45-day option for an additional 3,000,000 units. The SEC declared the registration statement effective on the same date.

Positive

• Initial public offering priced at $10.00 per unit, raising significant capital.
• Focus on the convenience store industry may provide strong market opportunities.
• Potential for additional 3,000,000 units sold covering over-allotments, increasing total capital raised.

Negative

• Forward-looking statements indicate risks that may affect the IPO's completion.
• Uncertainty surrounding the merger or acquisition targets could pose challenges.
• Lack of a definitive business combination at the time of the IPO may raise investor concerns.

New York, NY, Sept. 30, 2020 (GLOBE NEWSWIRE) -- Recharge Acquisition Corp. (the “Company”) announced today that it priced its initial public offering of 20,000,000 units at $10.00 per unit. The units will be listed on the Nasdaq Capital Market (“Nasdaq”) and will begin trading tomorrow, Thursday, October 1, 2020, under the ticker symbol “RCHGU”. Each unit consists of one share of the Company’s 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, shares of the Class A common stock and warrants are expected to be listed on Nasdaq under the symbols “RCHG” and “RCHGW,” respectively.

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. While the Company may pursue an initial business combination target in any business or industry, it intends to focus its search on companies in the convenience store industry. The Company is led by Chairman, Rajesh Soin, Chief Executive Officer, Anthony Kenney, and Chief Financial Officer, Michael Gearhardt.

Raymond James & Associates, Inc. and EarlyBirdCapital, Inc. are acting as the joint book running managers for the offering. The Company has granted the underwriters a 45-day option to purchase up to an additional 3,000,000 units at the initial public offering price to cover over-allotments, if any.

The offering is being made only by means of a prospectus. Copies of the prospectus may be obtained, when available, from: Raymond James & Associates, Inc., 880 Carillon Parkway, St. Petersburg, Florida 33716, Attention: Equity Syndicate, 1-800-248-8863, prospectus@raymondjames.com; or from EarlyBirdCapital, Inc., 366 Madison Avenue, 8th Floor, New York, NY 10017, Attn: Syndicate Department, 212-661-0200.

A registration statement relating to these securities has been filed with, and declared effective by, the Securities and Exchange Commission (“SEC”) on September 30, 2020.  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.

FORWARD-LOOKING STATEMENTS

This press release contains statements that constitute “forward-looking statements,” including with respect to the initial public offering. No assurance can be given that the offering discussed above will be completed on the terms described, or at all. 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 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

Anthony Kenney
Recharge Acquisition Corp.
(937) 610-4057

FAQ

What is the purpose of Recharge Acquisition Corp's IPO on September 30, 2020?

The IPO aims to raise capital for potential mergers and acquisitions, focusing primarily on the convenience store industry.

What are the ticker symbols for Recharge Acquisition Corp's securities?

The ticker symbol for the units is RCHGU; for Class A common stock it is RCHG, and for warrants, it is RCHGW.

How many units did Recharge Acquisition Corp offer in its IPO?

Recharge Acquisition Corp offered 20,000,000 units in its initial public offering.

What price was set for the units during the IPO?

The units were priced at $10.00 each during the initial public offering.

What is the significance of the 45-day option granted to underwriters?

The 45-day option allows underwriters to purchase up to 3,000,000 additional units to cover over-allotments, potentially increasing total capital raised.