Rotor Acquisition Corp. Announces Closing of Upsized $276,000,000 Initial Public Offering

Rhea-AI Summary

Rotor Acquisition Corp. announced the successful completion of its upsized initial public offering, raising $276 million through the sale of 27.6 million units priced at $10.00 each. The offering, which included 3.6 million units from underwriters' over-allotment, commenced trading on January 15, 2021 under the ticker symbol ROT.U. Each unit consists of one share of Class A common stock and one-half of a redeemable warrant, enabling purchases at $11.50 per share. Proceeds are intended for future mergers or acquisitions, focusing on businesses in the industrial and consumer sectors.

Positive

• Successfully raised $276 million through the IPO.
• Units began trading under symbol ROT.U.
• Focus on mergers in industrial and consumer sectors may lead to strategic expansions.

Negative

• No assurance that proceeds will be used as indicated.
• Forward-looking statements carry inherent risks and uncertainties.

NEW YORK, Jan. 20, 2021 (GLOBE NEWSWIRE) -- Rotor Acquisition Corp. (the “Company”) announced today that it consummated its upsized initial public offering of 27,600,000 units, including the full 3,600,000 units subject to the underwriters’ over-allotment option, at $10.00 per unit, generating total proceeds of $276,000,000. The units were listed on the New York Stock Exchange (“NYSE”) under the ticker symbol “ROT.U” and began trading on Friday, January 15, 2021,. 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, subject to adjustment. 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 redeemable warrants are expected to be listed on the NYSE under the symbols “ROT” and “ROT WS,” respectively. 

Rotor Acquisition Corp. 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 or entities. While the Company may pursue an initial target business in any stage of its corporate evolution or in any industry or sector, it initially intends to focus its search on target businesses primarily in the industrial and consumer sectors. The Company’s management team includes Brian Finn, Chief Executive Officer, Stefan M. Selig, Chairman of the Board, and John D. Howard, Director. 

Credit Suisse Securities (USA) LLC acted as the sole book running manager for the offering.

The offering was made only by means of a prospectus. Copies of the prospectus may be obtained, when available, from Credit Suisse Securities (USA) LLC, Attention: Prospectus Department, 6933 Louis Stephens Drive, Morrisville, North Carolina 27560, or by telephone at (800) 221-1037, or by email at usa.prospectus@credit-suisse.com.

Registration statements relating to these securities have been filed with the Securities and Exchange Commission (“SEC”) and became effective on January 14, 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 an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. 

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FORWARD-LOOKING STATEMENTS 

This press release contains statements that constitute “forward-looking statements,” including with respect to the initial public offering and the anticipated use of 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 final 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. 

Contacts

Brian D. Finn
Chief Executive Officer
(212) 818-8800

FAQ

What is the total amount raised by Rotor Acquisition Corp. in its IPO?

Rotor Acquisition Corp. raised $276 million through its initial public offering.

What does each unit of Rotor Acquisition Corp. consist of?

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

When did Rotor Acquisition Corp. begin trading on the NYSE?

Rotor Acquisition Corp. began trading on the NYSE on January 15, 2021.

What is the ticker symbol for Rotor Acquisition Corp.?

The ticker symbol for Rotor Acquisition Corp. is ROT.U.

What sectors is Rotor Acquisition Corp. targeting for future mergers?

Rotor Acquisition Corp. is primarily focusing on the industrial and consumer sectors for future mergers.