Springwater Special Situations Corp. Announces Closing of Partial Over-Allotment Option from Initial Public Offering

Rhea-AI Summary

Springwater Special Situations Corp. closed the sale of 2,118,624 additional units at $10.00 each, generating gross proceeds of $21,186,240 through an over-allotment option linked to its initial public offering. With this closing, the total proceeds from the IPO amount to $171,186,240. Each unit comprises one share of common stock and half a redeemable warrant. The units are trading on Nasdaq under the ticker symbol SWSSU, while common stock and warrants are expected to list as SWSS and SWSSW. The company is pursuing mergers and acquisitions across diverse industries.

Positive

• Raised additional $21,186,240 through over-allotment option.
• Total IPO proceeds reached $171,186,240, enhancing financial position.

Negative

• Potential dilution of shares due to additional units being issued.

NEW YORK, Sept. 7, 2021 /PRNewswire/ -- Springwater Special Situations Corp. (the "Company") announced today that it closed the sale of an additional 2,118,624 units at $10.00 per unit for aggregate gross proceeds of $21,186,240 pursuant to the underwriters' over-allotment option granted in connection with the Company's initial public offering. Total proceeds raised in the initial public offering, including the over-allotment option exercise, was $171,186,240. The units are listed on the Nasdaq Capital Market ("Nasdaq") and commenced trading under the ticker symbol "SWSSU" on August 26, 2021. Each unit consists of one share of common stock and one-half of one redeemable warrant, each whole warrant entitling the holder thereof to purchase one share of common stock at a price of $11.50 per share, subject to adjustment. Only whole warrants are exercisable and will trade. Once the securities comprising the units begin separate trading, the shares of common stock and redeemable warrants are expected to be listed on Nasdaq under the symbols "SWSS" and "SWSSW," respectively. 

Springwater Special Situations Corp. is a Delaware blank check company formed for the purpose of entering into a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or similar business combination with one or more businesses or entities. The Company's efforts to identify a prospective target business will not be limited to a particular industry or geographic region. The Company is led by Martin Gruschka, Chief Executive Officer and Director, Ignacio Casanova, Chief Financial Officer and Director, and Angel Pendas, Secretary and Director. 

EarlyBirdCapital, Inc. acted as the sole book-running manager for the offering and JonesTrading Institutional Services LLC acted as co-manager for the offering.

The offering is being made only by means of a prospectus. Copies of the prospectus may be obtained from EarlyBirdCapital, Inc., 366 Madison Avenue, 8th Floor, New York, NY 10017, Attn: Syndicate Department, 212-661-0200.

A registration statement relating to these securities has been filed with the Securities and Exchange Commission ("SEC") and became effective on August 25, 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 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 the initial public offering and the anticipated use of net proceeds. No assurance can be given 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 final prospectus for the 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. 

Contact:
Martin Gruschka, CEO
+1 212-818-8800

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SOURCE Springwater Special Situations Corp.

FAQ

What is the recent fundraising amount by Springwater Special Situations Corp. (SWSSU)?

Springwater Special Situations Corp. raised an additional $21,186,240 through the sale of 2,118,624 units.

How much total proceeds did Springwater Special Situations Corp. secure from its IPO?

The total proceeds from Springwater Special Situations Corp.'s IPO amount to $171,186,240.

What does each unit of the Springwater Special Situations Corp. consist of?

Each unit consists of one share of common stock and one-half of a redeemable warrant.

What is the ticker symbol for Springwater Special Situations Corp. on Nasdaq?

The ticker symbol for Springwater Special Situations Corp. on Nasdaq is SWSSU.

What is the purpose of Springwater Special Situations Corp. as a blank check company?

The company aims to engage in mergers, asset acquisitions, and similar business combinations with various businesses or entities.