Sandbridge X2 Corp. Announces Pricing of Upsized $220 Million Initial Public Offering

Rhea-AI Summary

Sandbridge X2 Corp. announced the pricing of its upsized IPO of 22,000,000 units at $10.00 per unit, targeting a listing on the NYSE under the symbol 'SBII.U' from March 10, 2021. Each unit comprises one share of Class A common stock and one-third of a redeemable warrant, allowing purchase of additional shares at $11.50. The offering aims at conducting mergers or acquisitions in the consumer sector. Closing is expected on March 12, 2021, subject to customary conditions.

Positive

• Upsized initial public offering of 22,000,000 units at $10.00 per unit.
• Focus on mergers in the consumer sector, indicating potential growth.

Negative

• Potential dilution of shares if the overallotment option is exercised.

Sandbridge X2 Corp. (the “Company”) today announced the pricing of its upsized initial public offering of 22,000,000 units at a price of $10.00 per unit. The units are expected to be listed for trading on the New York Stock Exchange under the ticker symbol “SBII.U” beginning March 10, 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 Class A common stock at a price of $11.50 per share. Once the securities comprising the units begin separate trading, the Company expects that its Class A common stock and warrants will be listed on the New York Stock Exchange under the symbols ‘‘SBII’’ and ‘‘SBII WS,’’ respectively.

The Company was 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. Although the Company’s efforts to identify a prospective business combination opportunity will not be limited to a particular industry, it intends to focus on businesses in the consumer sector and consumer-related businesses.

Citigroup Global Markets Inc. and Deutsche Bank Securities Inc. are acting as joint book-running managers. Academy Securities, Inc., Drexel Hamilton, LLC, Roberts and Ryan Investments Inc., Siebert Williams Shank & Co., LLC and R. Seelaus & Co., LLC are acting as co-managers. The Company has granted the underwriters a 45-day option to purchase up to 3,300,000 additional units at the initial public offering price to cover over-allotments, if any.

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

Registration statements relating to the securities became effective on March 9, 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 offering is expected to close on March 12, 2021, subject to customary closing conditions.

Forward-Looking Statements

This press release contains statements that constitute “forward-looking statements,” including with respect to the proposed initial public offering and the Company’s plans with respect to the target industry for a potential business combination. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or that the Company will ultimately complete a business combination transaction. 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 statements and preliminary prospectus for the Company’s offering filed with the U.S. Securities and Exchange Commission (the “SEC”). Copies of these documents 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210309006106/en/

FAQ

What are the details of Sandbridge X2 Corp's IPO under SBII?

Sandbridge X2 Corp. is pricing an IPO of 22,000,000 units at $10.00 each, listed under SBII.U on NYSE starting March 10, 2021.

What is the purpose of Sandbridge X2 Corp's initial public offering?

The IPO aims to facilitate mergers or acquisitions in the consumer sector.

When does the Sandbridge X2 Corp IPO close?

The offering is expected to close on March 12, 2021.

What are the risks associated with Sandbridge X2 Corp's IPO?

Risks include potential dilution of shares if underwriters exercise the overallotment option.