SilverBox Engaged Merger Corp I Completes $345,000,000 Initial Public Offering

Rhea-AI Summary

SilverBox Engaged Merger Corp I (Nasdaq: SBEAU) announced the closure of its IPO on March 2, 2021, raising $345 million through the issuance of 34.5 million units priced at $10 each, including an over-allotment of 4.5 million units. Units began trading on Nasdaq on February 26, 2021. Each unit comprises one share of Class A common stock and one-third of a redeemable warrant, with warrants priced at $11.50. Additionally, a forward purchase agreement with Engaged Capital for $100 million of Class A common stock is in place, expected to close with a future business combination.

Positive

• Successful IPO raising $345 million in gross proceeds.
• Agreement with Engaged Capital for $100 million purchase ensures future capital.

Negative

• None.

AUSTIN, Texas, March 02, 2021 (GLOBE NEWSWIRE) -- SilverBox Engaged Merger Corp I (Nasdaq: SBEAU) (the “Company”) today announced the closing of its initial public offering of 34,500,000 units, which includes 4,500,000 units issued pursuant to the full exercise by the underwriters of their over-allotment option. The offering was priced at $10.00 per unit, resulting in gross proceeds of $345,000,000.

The Company’s units began trading on the Nasdaq Stock Market under the ticker symbol “SBEAU” on Friday, February 26, 2021. Each unit consists of one share of the Company’s Class A common stock and one-third of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one share of the Company’s Class A common stock at a price of $11.50 per share, subject to adjustment. Once the securities comprising the units begin separate trading, the Class A common stock and warrants are expected to be listed on the Nasdaq Stock Market under the symbols “SBEA” and “SBEAW,” respectively.

In connection with the initial public offering, the Company has entered into a forward purchase agreement with Engaged Capital, LLC that will provide for the aggregate purchase of $100,000,000 of Class A common stock at $10.00 per share. Any such purchases will take place in a private placement that will close concurrently with the closing of the Company’s initial business combination.

The Company, which is sponsored by SilverBox Engaged Sponsor LLC and is led by Joseph Reece and Stephen Kadenacy who will serve as Executive Chairman and Chief Executive Officer, respectively, is a newly organized 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.

Citigroup Global Markets Inc. and Deutsche Bank Securities Inc., acted as joint book-running managers.

The initial public offering was made only by means of a prospectus. Copies of the prospectus relating to the offering may be obtained from Citigroup Global Markets Inc., Attn: Prospectus Department, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at (800) 831-9146 or Deutsche Bank Securities Inc., Attn: Prospectus Department, 60 Wall Street, New York, New York 10005, telephone: 800-503-4611 or email: prospectus.cpdg@db.com.

A registration statement relating to the securities sold in the initial public offering has been filed with, and declared effective by, the Securities and Exchange Commission (“SEC”) on Thursday, February 25, 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. The securities to be sold in the private placement have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of such Act and applicable state securities laws.

Cautionary Note Concerning 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 the net proceeds thereof. No assurance can be given that the funding of the forward purchase agreement will occur or that the net proceeds of the offering or forward purchase agreement 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 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.

Contact:
Dan Gagnier / Jeff Mathews
Gagnier Communications
646-569-5897
sbcap@gagnierfc.com

FAQ

What were the gross proceeds from SilverBox Engaged Merger Corp I's IPO?

The gross proceeds from the IPO were $345 million.

When did SilverBox Engaged Merger Corp I begin trading on Nasdaq?

The units began trading on Nasdaq on February 26, 2021.

What is included in each unit issued by SilverBox Engaged Merger Corp I?

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

What is the purpose of the forward purchase agreement with Engaged Capital?

The forward purchase agreement allows Engaged Capital to purchase $100 million of Class A common stock at $10 per share.

What is the exercise price of the warrants issued by SilverBox Engaged Merger Corp I?

The warrants have an exercise price of $11.50 per share.