Springwater Special Situations Corp. Announces Separate Trading of its Common Stock and Warrants

Rhea-AI Summary

Springwater Special Situations Corp. (NASDAQ: SWSSU) announced that starting on September 23, 2021, holders of its units from the IPO can separately trade shares of common stock and warrants. The common stock and warrants will trade under the symbols SWSS and SWSSW, respectively. Units not separated will continue trading as SWSSU. The company is a Delaware blank check entity aiming for business combinations across various industries. EarlyBirdCapital was the sole book-running manager for the IPO, which occurred in August 2021.

Positive

• Commencement of separate trading for common stock and warrants enhances liquidity for investors.
• Warrants and common stock will have their own trading symbols on Nasdaq, potentially attracting more investors.

Negative

• None.

NEW YORK, Sept. 21, 2021 /PRNewswire/ -- Springwater Special Situations Corp. (NASDAQ: SWSSU) (the "Company") announced today that, commencing on or about September 23, 2021, holders of its units sold in the Company's initial public offering may elect to separately trade shares of the Company's common stock and warrants included in the units. The shares of common stock and warrants that are separated will trade on the Nasdaq Capital Market ("Nasdaq") under the symbols "SWSS" and "SWSSW," respectively. No fractional warrants will be issued upon separation of the units and only whole warrants will trade. Those units not separated will continue to trade on Nasdaq under the symbol "SWSSU." Holders of units will need to have their brokers contact Continental Stock Transfer & Trust Company, the Company's transfer agent, in order to separate the units into shares of common stock and warrants.

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 Company's initial public offering which was consummated in August 2021.  JonesTrading Institutional Services LLC acted as co-manager for the initial public offering. 

A registration statement relating to the Company's offer and sale of these securities was filed with the Securities and Exchange Commission ("SEC") and was declared 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." 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 initial public 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
212-818-8800

View original content:https://www.prnewswire.com/news-releases/springwater-special-situations-corp-announces-separate-trading-of-its-common-stock-and-warrants-301381367.html

SOURCE Springwater Special Situations Corp.

FAQ

When can holders of SWSSU units trade shares separately?

Holders of SWSSU units can begin separate trading of shares from September 23, 2021.

What symbols will the common stock and warrants trade under?

The common stock will trade under the symbol SWSS and the warrants under SWSSW.

Who was involved in Springwater's initial public offering?

EarlyBirdCapital acted as the sole book-running manager, with JonesTrading as co-manager for the IPO.

What is the purpose of Springwater Special Situations Corp.?

The company aims to enter into mergers, asset acquisitions, and similar business combinations across various industries.

When was the registration statement for the IPO filed?

The registration statement was filed with the SEC and declared effective on August 25, 2021.