Senior Connect Acquisition Corp. I Announces Closing of $414 Million Upsized Initial Public Offering

Rhea-AI Summary

Senior Connect Acquisition Corp. I successfully closed its initial public offering (IPO) on December 15, 2020, raising $414 million by issuing 41.4 million units at $10 each. The IPO's 5.4 million over-allotment units were fully exercised by underwriters. The units began trading on Nasdaq under the ticker symbol SNRHU. Each unit consists of one share of Class A common stock and half a warrant, with each warrant exercisable at $11.50. The company aims to merge or acquire businesses focused on the senior market.

Positive

• Raised $414 million from IPO, indicating strong market interest.
• Plans to target businesses in the senior market, aligning with demographic trends.

Negative

• No assurance that the IPO proceeds will be utilized as intended.
• Forward-looking statements carry risks and no guarantees of future success.

Scottsdale, AZ, Dec. 15, 2020 (GLOBE NEWSWIRE) -- Senior Connect Acquisition Corp. I (the "Company") announced today the closing of its initial public offering of 41,400,000 units at a price of $10.00 per unit, including 5,400,000 units issued pursuant to the exercise by the underwriters of their over-allotment option in full. The units are listed on the Nasdaq Capital Market ("Nasdaq") and began trading under the ticker symbol "SNRHU" on December 11, 2020.  Each unit consists of one share of Class A common stock and one-half of one redeemable warrant, with each whole warrant exercisable to purchase one share of Class A common stock at a price of $11.50 per share.  After the securities comprising the units begin separate trading, the shares of Class A common stock and warrants are expected to be listed on Nasdaq under the symbols "SNRH" and "SNRHW," respectively.

The Company is a blank check company whose business purpose is to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.  While the Company may pursue an initial business combination with a company in any sector or geography, the Company intends to focus its search on businesses serving the senior market or capable of being repositioned to do so.

Citigroup Global Markets Inc. acted as the sole bookrunner for the offering.

A registration statement relating to these securities was declared effective by the U.S. Securities and Exchange Commission (the "SEC") on December 10, 2020. 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 being made only by means of a prospectus. Copies of the prospectus relating to this offering may be obtained from Citigroup Global Markets Inc., Attention: Prospectus Department, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by telephone at (800) 831-9146.

Forward Looking Statements

This press release contains statements that constitute "forward-looking statements," including with respect to the initial public offering and search for an initial 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 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 for the initial public 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

Investor Contact:

Ryan Burke
Senior Connect Acquisition Corp. I
(480) 948-9200

FAQ

What is the purpose of Senior Connect Acquisition Corp. I's IPO?

The purpose is to raise funds for potential mergers or acquisitions, particularly in the senior market.

When did the units of Senior Connect Acquisition Corp. I begin trading?

The units began trading on Nasdaq under the ticker SNRHU on December 11, 2020.

What types of businesses will Senior Connect Acquisition Corp. I focus on?

The company intends to focus on businesses serving the senior market or capable of being repositioned to do so.

What are the symbols for shares and warrants of Senior Connect Acquisition Corp. I?

Shares will trade under SNRH and warrants under SNRHW once separated.

Who acted as the bookrunner for Senior Connect Acquisition Corp. I's IPO?

Citigroup Global Markets Inc. acted as the sole bookrunner for the offering.