TZP Strategies Acquisition Corp. Announces Pricing of $250 Million Initial Public Offering

Rhea-AI Summary

TZP Strategies Acquisition Corp. has priced its initial public offering (IPO) of 25 million units at $10.00 each, aiming to raise $250 million. The offering will be listed on Nasdaq under the symbol 'TZPSU' starting January 20, 2021, with expected closing on January 22, 2021. Each unit consists of one Class A ordinary share and one-third of a redeemable warrant. The firm is sponsored by TZP Group Holdings, which manages around $1.9 billion, targeting technology, business services, and consumer sectors for potential mergers or acquisitions.

Positive

• Successful pricing of IPO at $10.00 per unit, potentially raising $250 million.
• Strategic focus on technology and consumer services sectors with strong growth prospects.
• Backed by TZP Group, managing approximately $1.9 billion in capital.

Negative

• None.

NEW YORK, Jan. 19, 2021 /PRNewswire/ -- TZP Strategies Acquisition Corp. (the "Company"), a blank check company sponsored by TZP Group Holdings, L.P. ("TZP") and formed for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses, today announced the pricing of its initial public offering of 25,000,000 units at a price of $10.00 per unit.

While the Company may pursue an initial business combination target in any business or industry, the Company intends to target companies in the technology and business services as well as consumer products and services industries. The Company's sponsor is an affiliate of TZP, an operator driven investment firm that manages approximately $1.9 billion of committed and co-investor capital targeting lower middle market companies in identified focus sectors with strong growth prospects.

The units will be listed on The Nasdaq Capital Market ("Nasdaq") and trade under the ticker symbol "TZPSU" beginning January 20, 2021. Each unit consists of one Class A ordinary share of the Company and one-third of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one Class A ordinary share of the Company 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 Nasdaq under the symbols "TZPS" and "TZPSW," respectively. The offering is expected to close on January 22, 2021, subject to customary closing conditions.

Credit Suisse Securities (USA) LLC acted as book-running manager for the offering. The Company has granted the underwriters a 45-day option to purchase up to an additional 3,750,000 units at the initial public offering price to cover over-allotments, if any.

The offering is being made only by means of a prospectus. When available, copies of the prospectus may be obtained from: Credit Suisse Securities (USA) LLC Attn: Prospectus Department, 6933 Louis Stephens Drive, Morrisville, NC 27560, Telephone: 1-800-221-1037, Email: usa.prospectus@credit-suisse.com.

A registration statement relating to the securities became effective on January 19, 2021 in accordance with Section 8(a) of the Securities Act of 1933, as amended. 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 closing of the proposed initial public offering and the anticipated use of the net proceeds. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or 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 preliminary prospectus for the Company's offering filed with the Securities and Exchange Commission ("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:
spac@tzpgroup.com
(212) 398-0300

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SOURCE TZP Group

FAQ

What is the IPO price for TZPSU?

The IPO price for TZP Strategies Acquisition Corp. is set at $10.00 per unit.

When will TZPSU start trading on Nasdaq?

TZPSU is scheduled to begin trading on Nasdaq on January 20, 2021.

How much capital does TZP Strategies Acquisition Corp. aim to raise?

TZP Strategies Acquisition Corp. aims to raise $250 million through its initial public offering.

What sectors does TZP Strategies Acquisition Corp. target for future acquisitions?

The company intends to target technology, business services, and consumer products sectors for acquisitions.

Who acted as the book-running manager for the TZP Strategies Acquisition Corp. IPO?

Credit Suisse Securities (USA) LLC acted as the book-running manager for the IPO.