Switchback II Corporation Announces Pricing of Upsized $275,000,000 Initial Public Offering
Switchback II Corporation has priced its upsized IPO of 27,500,000 units at $10.00 each, with trading set to begin on the NYSE under the ticker symbol SWBK.U on January 8, 2021. Each unit comprises one Class A ordinary share and one-fifth of a redeemable warrant, allowing the purchase of an additional share at $11.50. The underwriters are granted a 45-day option to buy up to 4,125,000 more units. The SEC approved the registration statement on January 7, 2021, and offering details will be provided through a prospectus.
- Successful launch of IPO attracting substantial investor interest with upsized offering.
- Potential for further capital through underwriters' option on additional units.
- Dilution risk for existing shareholders due to the issuance of a significant number of new units.
- No guarantee that the IPO will be completed as planned, subject to various risks.
DALLAS, Jan. 7, 2021 /PRNewswire/ -- Switchback II Corporation (the "Company") announced today the pricing of its upsized initial public offering ("IPO") of 27,500,000 units at a price of
Goldman Sachs & Co. LLC is acting as sole book running manager for the proposed offering. The Company has granted the underwriters a 45-day option to purchase up to an additional 4,125,000 units at the IPO price.
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 declared effective by the U.S. Securities and Exchange Commission (the "SEC") on January 7, 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.
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 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@swbk2.com
Phone: (972) 514-9535
View original content:http://www.prnewswire.com/news-releases/switchback-ii-corporation-announces-pricing-of-upsized-275-000-000-initial-public-offering-301203172.html
SOURCE Switchback II Corporation
FAQ
What is the price of the IPO units for Switchback II Corporation?
When will Switchback II's stock begin trading?
What do the units comprise in Switchback II's IPO?
What is the exercise price for the warrants associated with Switchback II's IPO?
Is there an option for underwriters to purchase additional units in Switchback II's IPO?