Latin American-Focused SPAC Rose Hill Acquisition Corporation Announces Closing of Initial Public Offering and Exercise of Over-Allotment Option

Rhea-AI Summary

Rose Hill Acquisition Corporation announced the successful closing of its initial public offering, raising $143.75 million by selling 12.5 million units at $10.00 each. Each unit comprises one Class A ordinary share and one-half of a warrant, with each whole warrant priced at $11.50 per share. The offering also included an over-allotment of 1.875 million units. The units commenced trading on Nasdaq on October 14, 2021, under the ticker symbol ROSEU, while the shares and warrants will trade under ROSE and ROSEW, respectively.

Positive

• Aggregate gross proceeds of $143.75 million raised from the IPO, providing capital for future acquisitions.
• Focused on acquiring businesses in Latin America with enterprise values between $400 million and $1 billion, indicating potential high-growth opportunities.

Negative

• No specific business combination target identified at the time of IPO, indicating uncertainty about future investments.
• Forward-looking statements present risks that could affect the utilization of IPO proceeds.

ATLANTA, Oct. 18, 2021 /PRNewswire/ -- Rose Hill Acquisition Corporation (the "Company") today announced the closing of its initial public offering (the "Offering") of 12,500,000 units at a price of $10.00 per unit. Each unit consists of one Class A ordinary share and one-half of one redeemable warrant, with each whole warrant exercisable to purchase one Class A ordinary share at a price of $11.50 per share. Only whole warrants will be exercisable. The underwriter exercised their over-allotment option in full for an additional 1,875,000 units, which overallotment will close simultaneously with the closing of the Offering. As a result, the aggregate gross proceeds of the Offering, including the over-allotment, are $143,750,000, prior to deducting underwriting discounts, commissions and other offering expenses.

The Company's units began trading on the Nasdaq Global Market ("Nasdaq") on October 14, 2021, under the ticker symbol "ROSEU." Once the securities comprising the units begin separate trading, the Class A ordinary shares and warrants are expected to be listed on the Nasdaq under the symbols "ROSE" and "ROSEW," respectively.

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

The Offering was made only by means of a prospectus. Copies of the prospectus relating to this offering may be obtained from Cantor Fitzgerald & Co., Attention: Capital Markets, 499 Park Avenue, 5th Floor New York, New York 10022; Email: prospectus@cantor.com.

A registration statement relating to these securities was declared effective by the U.S. Securities and Exchange Commission (the "SEC") on October 13, 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.

About Rose Hill Acquisition Corporation

Rose Hill Acquisition Corporation is a newly formed blank check company for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities.

While the Company may pursue an initial business combination target in any business, industry or geographic location, the Company intends to focus on companies that operate in Latin American markets with an enterprise value of between $400 million to $1.0 billion.

Forward Looking-Statements

This press release contains statements that constitute "forward-looking statements," including with respect to the search for an initial business combination. No assurance can be given that the 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 for the initial public offering filed with the SEC. Copies are available on the SEC's website at 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:

Juan Jose Rosas
Co-CFO and Director
jj@rosehillacq.com
+1 (607) 279-2371

Albert Hill
Co-CFO and Director
al@rosehillacq.com
+1 (404) 973-7681

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SOURCE Rose Hill Acquisition Corporation

FAQ

What is the purpose of Rose Hill Acquisition Corporation's IPO with the symbol ROSEU?

The IPO aims to raise capital for potential mergers and acquisitions, specifically focusing on Latin American markets.

How much capital did Rose Hill Acquisition Corporation raise in its IPO?

Rose Hill Acquisition Corporation raised $143.75 million in its initial public offering.

When did Rose Hill Acquisition Corporation's shares begin trading under the ticker ROSEU?

The shares began trading on October 14, 2021, under the ticker symbol ROSEU.

What types of businesses will Rose Hill Acquisition Corporation target for acquisition?

The company intends to target businesses in Latin America with an enterprise value between $400 million and $1 billion.

What can be expected from the warrants issued in the IPO of ROSEU?

Each whole warrant is exercisable to purchase one Class A ordinary share at a price of $11.50.