Switchback II Corporation Announces Launch of Initial Public Offering

Rhea-AI Summary

Switchback II Corporation has launched its initial public offering (IPO) of 25,000,000 units at $10.00 per unit, with a 45-day option for underwriters to purchase an additional 3,750,000 units. Each unit includes one Class A ordinary share and one-fifth of a redeemable warrant, with a full warrant priced at $11.50 per share. The units are expected to be listed on the NYSE under SWBK.U, with Class A shares and warrants under SWBK and SWBK.WS respectively. Goldman Sachs is the sole book-running manager for the offering.

Positive

• IPO of 25,000,000 units at $10.00 per unit, raising significant capital.
• Underwriters have a 45-day option to purchase an additional 3,750,000 units, indicating strong investor interest.
• Focus on energy transition and sustainability could attract socially responsible investors.

Negative

• Potential dilution of shares if the underwriters exercise their option to purchase additional units.
• The offering is subject to regulatory approval and market conditions, which may affect successful closure.

DALLAS, Jan. 5, 2021 /PRNewswire/ -- Switchback II Corporation (the "Company") announced today that it has commenced its initial public offering ("IPO") of 25,000,000 units at a price of $10.00 per unit. The Company intends to grant the underwriters a 45-day option to purchase up to an additional 3,750,000 units. Each unit issued in the IPO will consist of one of the Company's Class A ordinary shares and one-fifth of one redeemable warrant, with each whole warrant entitling the holder thereof to purchase one of the Company's Class A ordinary shares at an exercise price of $11.50 per share. The units are expected to be listed on the New York Stock Exchange (the "NYSE") and trade under the ticker symbol "SWBK.U." Once the securities comprising the units begin separate trading, the Class A ordinary shares and warrants are expected to be listed on the NYSE under the symbols "SWBK" and "SWBK.WS," respectively.

Goldman Sachs & Co. LLC is acting as sole book running manager for the proposed offering.

The public offering will only be made by means of a prospectus. Copies of the preliminary prospectus relating to the offering and final prospectus, when available, may be obtained from Goldman Sachs & Co. LLC, Attn: Prospectus Department, 200 West Street, New York, New York 10282, email: prospectus-ny@ny.email.gs.com, tel: (866) 471-2526.

A registration statement relating to these securities has been filed with the U.S. Securities and Exchange Commission (the "SEC"), but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. 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.

About Switchback II Corporation

Switchback II Corporation was formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities. The Company intends to focus its search for a target business in the broad energy transition or sustainability arena targeting industries that require innovative solutions to decarbonize in order to meet critical emission reduction objectives.

Forward Looking Statements

This press release contains statements that constitute "forward-looking statements," including with respect to the proposed IPO. No assurance can be given that the offering discussed above 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 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 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

Scott McNeill or Jim Mutrie
Email: info@switchback-energy.com
Phone: (972) 514-9535

 

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SOURCE Switchback II Corporation

FAQ

What is the IPO size for Switchback II Corporation?

The IPO consists of 25,000,000 units at a price of $10.00 per unit.

What will the ticker symbols be for the Class A shares and warrants under the IPO?

The Class A shares will trade under the symbol SWBK, while warrants will trade under SWBK.WS.

Who is managing the IPO for Switchback II Corporation?

Goldman Sachs & Co. LLC is the sole book-running manager for the proposed offering.

What is the purpose of the units offered in the IPO?

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

What are the exercise terms for the redeemable warrants?

Each whole warrant can be exercised to purchase one Class A ordinary share at an exercise price of $11.50.