RMG Acquisition Corp. III Announces Pricing of $420,000,000 Initial Public Offering

Rhea-AI Summary

RMG Acquisition Corp. III has priced its initial public offering (IPO) at $10.00 per unit, totaling 42,000,000 units to be listed on Nasdaq under the symbol 'RMGCU' starting February 5, 2021. Each unit consists of one Class A ordinary share and one-fifth of a redeemable warrant, allowing purchase of additional shares at $11.50 each. The IPO is anticipated to close on February 9, 2021, subject to standard conditions. BofA Securities and Barclays are the joint book-running managers, with the option for underwriters to purchase an additional 6,300,000 units for over-allotments.

Positive

• Initial public offering priced at $10.00 per unit, indicating strong market interest.
• Plans for broad acquisition strategy targeting various sectors for long-term returns.
• Backed by experienced management team which may enhance investment opportunities.

Negative

• No immediate financial metrics provided to gauge offering impact.
• Risks associated with forward-looking statements on IPO success and proceeds utilization.

RMG Acquisition Corp. III (the “Company”) announced today that it priced its initial public offering of 42,000,000 units at $10.00 per unit. The units will be listed on The Nasdaq Capital Market (“Nasdaq”) and trade under the ticker symbol “RMGCU” beginning February 5, 2021. Each unit consists of one Class A ordinary share and one-fifth of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one Class A ordinary share at a price of $11.50 per share. Only whole warrants are exercisable. Once the securities comprising the units begin separate trading, the Class A ordinary shares and redeemable warrants are expected to be listed on Nasdaq under the symbols “RMGC” and “RMGCW,” respectively. The offering is expected to close on February 9, 2021, subject to customary closing conditions.

The Company is a blank check company formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or other similar business combination with one or more businesses. The Company intends to capitalize on the ability of its management team to identify, acquire and operate businesses across a broad range of sectors that may provide opportunities for attractive long-term risk-adjusted returns.

BofA Securities and Barclays are acting as joint book-running managers in the offering. The Company has granted the underwriters a 45-day option to purchase up to an additional 6,300,000 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 BofA Securities, Attention: Prospectus Department, NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte, NC 28255-0001, or by emailing dg.prospectus_requests@bofa.com; or Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, email: Barclaysprospectus@broadridge.com, tel: 888-603-5847.

A registration statement relating to the securities has been declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on February 4, 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 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 SEC. Copies of these documents 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210204006129/en/

FAQ

What is the pricing of RMG Acquisition Corp. III's IPO?

RMG Acquisition Corp. III's IPO is priced at $10.00 per unit.

When will RMG Acquisition Corp. III begin trading on Nasdaq?

Trading for RMG Acquisition Corp. III is set to begin on February 5, 2021.

What does each unit in RMG Acquisition Corp. III's IPO include?

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

What is the purpose of RMG Acquisition Corp. III's formation?

The company is a blank check firm aiming to merge or acquire businesses across various sectors.

Who are the underwriters for RMG Acquisition Corp. III's IPO?

BofA Securities and Barclays are acting as joint book-running managers for the offering.