Social Leverage Acquisition Corp I Announces Pricing of $300 Million Initial Public Offering

Rhea-AI Summary

Social Leverage Acquisition Corp I priced its initial public offering (IPO) at $10.00 per unit, totaling 30,000,000 units. Trading under ticker symbol SLAC.U, the IPO is set to commence on February 12, 2021, on the NYSE. Each unit comprises one Class A common stock and one-fourth of a redeemable warrant, with full warrants exercisable at $11.50 per share. The Company targets innovative businesses in financial technology, enterprise software, and consumer technology for potential mergers. Barclays and BofA Securities are the joint book-running managers, and the offering is expected to close on February 17, 2021.

Positive

• Successful pricing of IPO at $10.00 per unit, demonstrating investor interest.
• The transaction positions the Company to explore mergers in high-growth sectors.

Negative

• The offering is contingent on customary closing conditions, which could delay or prevent completion.
• Market conditions may affect the successful execution of the business combination.

Social Leverage Acquisition Corp I (the “Company”) announced today that it priced its initial public offering of 30,000,000 units at $10.00 per unit. The units will be listed on the New York Stock Exchange (the “NYSE”) and trade under the ticker symbol “SLAC.U” beginning February 12, 2021. Each unit consists of one share of Class A common stock and one-fourth 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, subject to adjustment. Only whole warrants are exercisable. Once the securities comprising the units begin separate trading, the shares of Class A common stock and redeemable warrants are expected to be listed on the NYSE under the symbols “SLAC” and “SLAC WS,” respectively.

The Company, led by Howard Lindzon, Paul Grinberg and Douglas Horlick, 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. The Company intends to focus its search on innovative and mission-driven businesses in the financial technology, enterprise software or consumer technology sectors.

Barclays and BofA Securities are acting as joint book-running managers for the offering. The Company has granted the underwriters a 45-day option to purchase up to an additional 4,500,000 units 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 Barclays, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, Telephone: (888) 603-5847, Email: barclaysprospectus@broadridge.com and BofA Securities, NC1-004-03-43, 200 North College Street, 3rd Floor, Charlotte, NC 28255-0001; Attention: Prospectus Department; by telephone at 800-294-1322 or by email at dg.prospectus_requests@bofa.com.

A registration statement relating to the securities became effective on February 11, 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 February 17, 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 search for and/or completion of an initial business combination. No assurance can be given that the offering will be completed on the terms described, or at all, or that the Company will complete an initial business combination. 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 U.S. Securities and Exchange Commission (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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210211005940/en/

FAQ

What is the purpose of Social Leverage Acquisition Corp I's IPO?

The IPO aims to raise capital for potential mergers or acquisitions in innovative sectors.

What does each unit in the Social Leverage Acquisition Corp I IPO consist of?

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

When does trading begin for SLAC.U on the NYSE?

Trading for SLAC.U is set to begin on February 12, 2021.

What are the potential risks associated with Social Leverage Acquisition Corp I's IPO?

Risks include uncertainties in completing the offering and potential market conditions impacting the business combination.

Who are the underwriters for the SLAC.U offering?

Barclays and BofA Securities are acting as joint book-running managers for the offering.