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Trine II Acquisition Corp. announced the closing of its initial public offering of 41,400,000 units, including 5,400,000 units from the underwriter's over-allotment option, raising gross proceeds of $414 million. Each unit consists of one Class A ordinary share and one-half of a redeemable warrant, priced at $10.00 per unit. The shares began trading on the New York Stock Exchange under the ticker symbol "TRAQ.U" on November 3, 2021. The company aims to identify a business combination following this SPAC transaction.
Positive
Raised $414 million from the IPO.
Successful pricing of units at $10.00 each.
Listing on the New York Stock Exchange under ticker symbol "TRAQ.U".
Negative
Uncertainty surrounding the search for an initial business combination.
No assurance that net proceeds will be utilized as indicated.
NEW YORK--(BUSINESS WIRE)--
Trine II Acquisition Corp. (“Trine II”), a special purpose acquisition company, announced today the closing of its initial public offering of 41,400,000 units, which included 5,400,000 units issued pursuant to the full exercise by the underwriter of its over-allotment option. The offering was priced at $10.00 per unit, resulting in gross proceeds of $414 million.
The units are listed on the New York Stock Exchange and began trading under the ticker symbol “TRAQ.U” on November 3, 2021. Each unit consists of one Class A ordinary share of Trine II and one-half of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one Class A ordinary share of Trine II at a price of $11.50 per share. Once the securities comprising the units begin separate trading, the Class A ordinary shares and warrants are expected to be listed on the New York Stock Exchange under the symbols “TRAQ” and “TRAQ.WS,” respectively.
Trine II is led by Leo Hindery, Jr., as chairman of the board of directors and Pierre M. Henry, as the Chief Executive Officer. Trine II is a newly organized blank check company incorporated as a Cayman Islands exempted company for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or business combination with one or more businesses.
Morgan Stanley is serving as the sole book-running manager for this offering. The offering was made only by means of a prospectus. Copies of the final prospectus may be obtained from:
Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014.
The registration statement relating to the securities became effective on November 2, 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.
This press release contains statements that constitute “forward-looking statements,” including with respect to the initial public offering, the search for an initial business combination and the anticipated use of the net proceeds. No assurance can be given that the initial public offering or the search for an initial business combination will be completed on the terms described, or at all, or that the net proceeds of the initial public offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of Trine II, including those set forth in the “Risk Factors” section of Trine II’s registration statement and final prospectus relating to Trine II’s initial public offering filed with the Securities and Exchange Commission (the “SEC”). Copies are available on the SEC’s website at www.sec.gov. Trine II undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by applicable law.
