Thimble Point Acquisition Corp. Announces Pricing of Upsized $240 Million Initial Public Offering

Rhea-AI Summary

Thimble Point Acquisition Corp. priced its upsized IPO at $10.00 per unit, offering 24,000,000 units set to trade on NASDAQ under the symbol “THMAU” from February 2, 2021. Each unit includes one share of Class A common stock and one-third of a warrant, with a full warrant costing $11.50 per share. The closing is anticipated on February 4, 2021. The company targets high-growth software and tech firms, backed by the Pritzker Vlock Family Office and LaunchCapital. A forward purchase agreement for $50 million with KLP SPAC 1 LLC is also in place. Citigroup and Credit Suisse are joint bookrunners of the offering.

Positive

• Upsized IPO of 24,000,000 units at $10.00 each indicates strong investor interest.
• Strategic focus on high-growth technology sectors may enhance future revenue opportunities.
• Forward purchase agreement provides $50 million for future business combination.

Negative

• The offering is subject to customary closing conditions, which may pose risks to completion.
• No assurance that the anticipated business combination or offering terms will be fulfilled.

Thimble Point Acquisition Corp. (the “Company”) announced the pricing today of its upsized initial public offering of 24,000,000 units at a price of $10.00 per unit. The units will be listed on the NASDAQ Capital Market (NASDAQ) and will trade under the ticker symbol “THMAU” beginning on February 2, 2021. Each unit consists of one share of Class A common stock and one-third of one redeemable warrant, with each whole warrant exercisable to purchase one share of Class A common stock at a price of $11.50 per share. Only whole warrants will be 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 NASDAQ under the symbols “THMA” and “THMAW,” respectively. The offering is expected to close on February 4, 2021, subject to customary closing conditions.

Thimble Point Acquisition Corp. is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses. The Company intends to focus on high-growth software and technology-enabled companies that are disrupting large and established industries and markets, and is led by Elon S. Boms, the Company’s Chief Executive Officer and Chairman, and Steven "Woody" Benson, the Company’s Chief Operating Officer and Director. The members of the Company’s management team are associated with the Pritzker Vlock Family Office, a multi-billion-dollar family office that invests in companies and their management teams with industry changing ideas, as well as LaunchCapital, a premier venture capital firm with offices in Boston, New Haven and New York.

In connection with the initial public offering, the Company has entered into a forward purchase agreement with KLP SPAC 1 LLC, an affiliate of the Pritzker Vlock Family Office, that will provide for the purchase of 5,000,000 forward purchase units, consisting of one share of Class A common stock and one-third of one warrant to purchase one share of Class A common stock, for $10.00 per Unit, or an aggregate purchase price of $50,000,000, in a private placement that will close concurrently with the closing of the Company’s initial business combination.

Citigroup Global Markets Inc. and Credit Suisse Securities (USA) LLC are acting as joint bookrunners of the offering. The Company has granted the underwriters a 45-day option to purchase up to an additional 3,600,000 units at the initial public offering price to cover over-allotments, if any.

A registration statement relating to these securities was declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on February 1, 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.

The offering is being made only by means of a prospectus. When available, copies of the prospectus relating to this offering may be obtained from Citigroup Global Markets, Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, telephone number 800-831-9146, and Credit Suisse Securities (USA) LLC, Attention: Prospectus Department, 6933 Louis Stephens Drive, Morrisville, North Carolina 27560, telephone number 1-800-221-1037 or usa.prospectus@credit-suisse.com.

Cautionary Note Concerning Forward-Looking Statements This press release contains statements that constitute “forward-looking statements,” including with respect to the initial public offering and search for an initial business combination. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or that the 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 for the initial public offering filed with the SEC. Copies are available on the SEC’s website, https://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.

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FAQ

What is the pricing and size of the Thimble Point Acquisition Corp IPO?

The Thimble Point Acquisition Corp IPO is priced at $10.00 per unit, raising $240 million from 24,000,000 units.

When will Thimble Point Acquisition Corp units start trading?

Units will begin trading on NASDAQ under the ticker 'THMAU' starting February 2, 2021.

What does each unit of Thimble Point Acquisition Corp consist of?

Each unit consists of one share of Class A common stock and one-third of a redeemable warrant.

What is the purpose of Thimble Point Acquisition Corp's IPO?

The IPO aims to raise capital for potential mergers or business combinations with high-growth companies.

Who are the underwriters for the Thimble Point Acquisition Corp IPO?

Citigroup Global Markets Inc. and Credit Suisse Securities (USA) LLC are the joint bookrunners.