Star Peak Corp II Announces Pricing of $350 Million Initial Public Offering

Rhea-AI Summary

Star Peak Corp II announced the pricing of its initial public offering (IPO) for 35,000,000 units at $10.00 each. Trading on the New York Stock Exchange under the ticker STPC.U will commence on January 6, 2021. Each unit includes one share of Class A common stock and one-fourth of a warrant, allowing purchase of one share at $11.50. The offering closes on January 8, 2021, with underwriters having an option for 5,250,000 additional units. The registration statement became effective on January 5, 2021.

Positive

• Initial public offering priced at $10.00 per unit.
• Total of 35,000,000 units being offered, potentially raising $350 million.
• Underwriters have a 45-day option to purchase up to 5,250,000 additional units.

Negative

• Forward-looking statements contain inherent uncertainties regarding the offering's completion and the use of proceeds.

Star Peak Corp II (the “Company”), a blank check company sponsored by affiliates of Magnetar Capital LLC and Triangle Peak Partners, LP and 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, today announced the pricing of its initial public offering of 35,000,000 units at a price of $10.00 per unit. The units will be listed on the New York Stock Exchange and trade under the ticker symbol “STPC.U” beginning January 6, 2021. Each unit consists of one share of Class A common stock of the Company and one-fourth of one warrant. Each whole warrant entitles the holder thereof to purchase one share of Class A common stock of the Company at a price of $11.50 per share, subject to adjustment, and only whole warrants are exercisable. Once the securities comprising the units begin separate trading, the shares of Class A common stock and warrants are expected to be listed on the New York Stock Exchange under the symbols “STPC” and “STPC WS,” respectively.

The offering is expected to close on January 8, 2021, subject to customary closing conditions.

Credit Suisse Securities (USA) LLC and Goldman Sachs & Co. LLC are acting as book running managers for the offering. The Company has granted the underwriters a 45-day option to purchase on a pro rata basis up to 5,250,000 additional units at the initial public offering price, less the underwriting discounts and commissions. The options may be exercised only to cover any over-allotments of units.

The offering is being made only by means of a prospectus. When available, copies of the prospectus may be obtained from Credit Suisse Securities (USA) LLC, Attn: Prospectus Department, 6933 Louis Stephens Drive, Morrisville, North Carolina 27560, telephone: (800) 221-1037 or email: usa.prospectus@credit-suisse.com, or Goldman Sachs & Co. LLC, Attn: Prospectus Department, 200 West Street, New York, New York 10282, telephone: 1-212-902-1171, facsimile: 212-902-9316 or email: prospectus-ny@ny.email.gs.com.

A registration statement relating to the securities became effective on January 5, 2021 in accordance with Section 8(a) of the Securities Act of 1933, as amended. 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.

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210105006019/en/

FAQ

What is the offering price for Star Peak Corp II's IPO?

Star Peak Corp II's IPO is priced at $10.00 per unit.

When will Star Peak Corp II start trading on the NYSE?

Star Peak Corp II will begin trading on the New York Stock Exchange under the ticker STPC.U starting January 6, 2021.

How many units is Star Peak Corp II offering in its IPO?

Star Peak Corp II is offering 35,000,000 units in its initial public offering.

What is the purpose of the warrants included in the offering?

Each unit includes one-fourth of a warrant, which allows the holder to purchase one share of Class A common stock at $11.50.

When is the closing date for Star Peak Corp II's offering?

The offering is expected to close on January 8, 2021.