Waverley Capital Acquisition Corp. 1 Announces Pricing of $200 Million Initial Public Offering

Rhea-AI Summary

Waverley Capital Acquisition Corp. 1 has priced its initial public offering (IPO) at $10.00 per unit, offering 20,000,000 units on the New York Stock Exchange under the ticker symbol WAVCU. Each unit includes one Class A ordinary share and one-third of a redeemable warrant. The offering, led by Evercore ISI and Morgan Stanley, is expected to close on August 24, 2021. The company is newly formed and aims to engage in business combinations. Investors should note the forward-looking statements regarding the IPO's completion and use of proceeds.

Positive

• IPO priced at $10.00 per unit, enabling capital inflow.
• Potential for market expansion as units trade on NYSE under WAVCU.

Negative

• Uncertainty about the IPO completion and use of proceeds.
• Dependence on market conditions for successful acquisition.

Waverley Capital Acquisition Corp. 1 (the “Company”), a special purpose acquisition company, announced the pricing of its initial public offering of 20,000,000 units at a price of $10.00 per unit. The units will be listed on the New York Stock Exchange and trade under the ticker symbol “WAVCU” beginning August 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 New York Stock Exchange under the symbols “WAVC” and “WAVCW,” respectively.

The Company is sponsored by WCAC1 Sponsor LLC, an affiliate of Waverley Capital, L.P., and is led by Daniel V. Leff, Ph.D. as the Chief Executive Officer and Edgar Bronfman Jr. as chairman of the board of directors. The Company 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.

Evercore ISI and Morgan Stanley are serving as joint book-running managers for this offering. The Company has granted the underwriters a 45-day option to purchase up to 3,000,000 additional units at the initial public offering price to cover over-allotments, if any. The offering is expected to close on August 24, 2021, subject to customary closing conditions.

The offering is being made only by means of a prospectus. When available, copies of the prospectus may be obtained from:

• Evercore Group L.L.C., Attention: Equity Capital Markets, 55 East 52nd Street, 35th Floor, New York, New York 10055, by telephone at (888) 474-0200, or by email at ecm.prospectus@evercore.com; and
• Morgan Stanley & Co. LLC, Attn: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014.

The registration statement relating to the securities became effective on August 19, 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.

Cautionary Note Concerning Forward-Looking Statements

This press release contains statements that constitute “forward-looking statements,” including with respect to the proposed initial public offering and the anticipated use of the net proceeds. No assurance can be given that the proposed initial public offering 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 the Company, including those set forth in the “Risk Factors” section of the Company’s registration statement and preliminary prospectus relating to the Company’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. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by applicable law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210819005807/en/

FAQ

What is the initial public offering price for Waverley Capital Acquisition Corp. 1's units?

The initial public offering price is set at $10.00 per unit.

When will Waverley Capital Acquisition Corp. 1's units begin trading?

The units will begin trading on the New York Stock Exchange on August 20, 2021.

What ticker symbol will Waverley Capital Acquisition Corp. 1 operate under?

The company will trade under the ticker symbol WAVCU.

What does each unit of Waverley Capital Acquisition Corp. 1 consist of?

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

What are the potential risks associated with Waverley Capital Acquisition Corp. 1's IPO?

The risks include uncertainty surrounding the completion of the IPO and the anticipated use of net proceeds.