Skydeck Acquisition Corp. Announces Pricing of $200 Million Initial Public Offering

Rhea-AI Summary

Skydeck Acquisition Corp. announced the pricing of its initial public offering (IPO) of 20 million units, each priced at $10.00. The units will trade on Nasdaq under the ticker symbol SKYAU starting on May 19, 2021. Each unit consists of one Class A ordinary share and one-third of a redeemable warrant, with the whole warrant allowing purchase of a share at $11.50. The IPO is expected to close on May 21, 2021, subject to customary conditions, with J.P. Morgan and Morgan Stanley as book-running managers.

Positive

• Successful pricing of IPO at $10.00 per unit, raising funds expected to boost business operations.
• Focus on high-growth sectors like media, technology, and digital health, attracting investor interest.

Negative

• No guarantees that the IPO will occur as planned, presenting risks to investors.
• Potential for dilution if underwriters exercise their option to purchase an additional 3 million units.

PROVIDENCE, R.I., May 18, 2021 /PRNewswire/ -- Skydeck Acquisition Corp. (the "Company"), a special purpose acquisition company formed for the purpose of entering into a combination with one or more businesses, today announced the pricing of its initial public offering of 20,000,000 units at a price of $10.00 per unit. The units will be listed on The Nasdaq Capital Market and trade under the ticker symbol "SKYAU" beginning May 19, 2021. Each unit consists of one Class A ordinary share of the Company and one-third of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one Class A ordinary share of the Company at a price of $11.50 per share. Once the securities comprising the units begin separate trading, the Class A ordinary shares and warrants are expected to be listed on the Nasdaq Capital Market under the symbols "SKYA" and "SKYAW," respectively.

Led by Chairman Paul J. Salem and Chief Executive Officer Martin J. Mannion and supported by Chief Financial Officer Christopher S. Satti and Chief Operating Officer Freddy Flaxman, Skydeck Acquisition Corp. expects to focus on media, technology, communications and digital health companies in the United States and other regions that satisfy public investor demands for high-growth businesses and leverages the management team's relationships, experience and insight.

J.P. Morgan and Morgan Stanley are serving as book-running managers for this offering. The Company has granted the underwriters a 45-day option to purchase up to an additional 3,000,000 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: J.P. Morgan Securities LLC, Attn: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 (telephone: 1-866-803-9204), or by email at prospectus-eq_fi@jpmchase.com and Morgan Stanley & Co. LLC, Attn: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014.

Registration statements relating to the securities became effective on May 18, 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 May 21, 2021, subject to customary closing conditions.

Cautionary Note Concerning 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 Securities and Exchange Commission ("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.

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SOURCE Skydeck Acquisition Corp.

FAQ

What is the purpose of Skydeck Acquisition Corp's IPO?

The IPO aims to raise capital for mergers with high-growth businesses in media, technology, and digital health.

What are the details of the units being offered by Skydeck Acquisition Corp?

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

When will Skydeck Acquisition Corp's shares start trading?

Shares are expected to begin trading on Nasdaq under the ticker 'SKYAU' on May 19, 2021.

What are the risks associated with the Skydeck Acquisition Corp IPO?

The offering's completion is not guaranteed, and there could be dilution if underwriters exercise their option for additional units.