Supernova Partners Acquisition Company, Inc. Announces Pricing of Upsized $350 Million Initial Public Offering

Rhea-AI Summary

Supernova Partners Acquisition Company announced the pricing of its upsized initial public offering, raising $350 million by offering 35 million units at $10.00 each. Beginning October 21, 2020, the units will trade on the NYSE under the symbol 'SPNV.U'. Each unit includes one share of Class A common stock and one-third of a warrant. Supernova, led by experienced entrepreneurs, aims to merge with a growth company benefiting from thematic shifts. The underwriters have an option to purchase an additional 5.25 million units within 45 days.

Positive

• Successfully priced upsized IPO at $350 million.
• Units will trade under 'SPNV.U', allowing for potential investor liquidity.
• Leadership team has significant entrepreneurial and investment experience.
• Aims to partner with a growth company in a large addressable market.

Negative

• Forward-looking statements indicate uncertainty in offering completion.
• No assurance on the successful execution of the business combination.

WASHINGTON, Oct. 20, 2020 /PRNewswire/ -- Supernova Partners Acquisition Company, Inc. ("Supernova") announced today the pricing of its upsized initial public offering of 35,000,000 units at a price of $10.00 per unit.

Supernova is a blank check company formed for the purpose of entering into a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. Supernova intends partner with an advantaged growth company that benefits from thematic shifts and tech-enabled trends, with large addressable market, competitive differentiation and a transparent corporate culture anchored in strong values.

Supernova is led by Spencer Rascoff, a serial entrepreneur who co-founded Hotwire, Zillow, dot.LA and Pacaso and who led Zillow as CEO for nearly a decade; Alexander Klabin, an investor and entrepreneur who co-founded Senator Investment Group; Robert Reid, an investor who worked for 21 years at Blackstone in its Private Equity Group; and Michael Clifton, an investor who was most recently a senior investment professional at The Carlyle Group.

The units will be listed on the New York Stock Exchange (the "NYSE") and will trade under the ticker symbol "SPNV.U" beginning on Oct. 21, 2020.  Each unit consists of one share of Supernova's Class A common stock and one-third of one redeemable warrant, each whole warrant entitling the holder thereof to purchase one share of Class A common stock at an exercise 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 the NYSE under the symbols "SPNV" and "SPNV WS," respectively. No fractional warrants will be issued upon separation of the units and only whole warrants will trade.

J.P. Morgan Securities LLC and Jefferies LLC are acting as book runners for the offering. Supernova has granted the underwriters a 45-day option to purchase up to an additional 5,250,000 units at the initial public offering price to cover over-allotments, if any.

The offering is being made only by means of a prospectus. Copies of the prospectus may be obtained, when available, from:

J.P. Morgan Securities LLC
c/o Broadridge Financial Solutions
1155 Long Island Ave.
Edgewood, NY 11717
Telephone: 866-803-9204

or

Jefferies LLC
Attention: Equity Syndicate Prospectus Department
520 Madison Avenue, 2^nd Floor
New York, New York 10022
Telephone: 1-877-821-7388
Email: Prospectus_Department@Jeffries.com

Registration statements relating to these securities have been filed with the Securities and Exchange Commission ("SEC") and became effective on Oct. 20, 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 an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

FORWARD-LOOKING STATEMENTS

This press release contains statements that constitute "forward-looking statements," including with respect to Supernova's initial public offering. No assurance can be given that the offering will be completed on the terms described, or at all. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of Supernova, including those set forth in the Risk Factors section of Supernova's registration statement and preliminary prospectus for the offering filed with the SEC. Copies are available on the SEC's website, www.sec.gov. Supernova 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 Supernova Partners Acquisition Company, Inc.

FAQ

What is the purpose of Supernova's IPO on October 20, 2020?

The IPO aims to raise capital to facilitate a merger or business combination with a growth company.

What does each unit of Supernova's IPO consist of?

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

Which stock exchange will Supernova trade on?

Supernova will be listed on the New York Stock Exchange under the ticker 'SPNV.U'.

How much capital is Supernova raising through its IPO?

Supernova is raising $350 million through its upsized IPO.

What are the potential risks associated with Supernova's IPO?

The offering's completion is uncertain and subject to various conditions, as detailed in the registration statement.